Regulatory Alerts2021-04-21
Added · Updated
Rules Regulating the Provision of Payment Services Using Mobile Phones, Third Edition, April 2021
The Central Bank of Egypt establishes the regulatory framework for the provision of mobile payment services, defining the roles and responsibilities of service providers and senior management. The rules mandate specific supervisory controls, including the issuance of electronic money, the management of third-party service providers, identity verification procedures, and password administration. Additional requirements cover money transfer operations, inter-operability, data confidentiality, application security, and IT infrastructure. The document also outlines operational rules for service contracts, incident reporting, and the procedures for obtaining licenses to provide these services.