Cairo on: 3 November 2026

Mr. Professor/ Chief Executive Officer
Bank
Greetings and regards,

In light of the interest of the Central Bank of Egypt in enhancing financial inclusion with the aim of including all segments of society in the formal financial system, and since the dissemination of banking services through the provision of banking products and services outside the scope of the traditional bank branch network is considered one of the pillars of the financial inclusion strategy, the Board of Directors of the Central Bank of Egypt, in its meeting held on 28 October 2026, approved the issuance of the attached instructions concerning "the rules governing banking agents", with the aim of establishing the regulatory framework for them to provide some banking services on behalf of banks.

Please kindly direct the necessary action to be taken.

Please accept our highest respect,

Tarek El-Khouly

The Rules Governing Banking Agents

Table of Contents

1- Introduction .................................................................................................................. 2

2- Definitions .............................................................................................................. 2

3- Scope of Application ........................................................................................................ 2

4- Permitted Activities ............................................................................................ 3

5- Entities Eligible to Practice the Activity of Banking Agents .............................................. 3

6- Restrictions that the Banking Agent must comply with when carrying out banking agency activities ..... 4

7- Restrictions that the Bank must comply with .................................................................... 5

8- Approval of the Central Bank ............................................................................................ 6

9- Reporting ...................................................................................................... 8

10- Banking Agency Contract ........................................................................................ 9

1- Introduction:

These rules aim to facilitate the integration of all segments of society, including citizens from financially excluded groups, as well as micro, small and medium enterprises, into the formal financial system, which contributes to enhancing financial inclusion, in addition to establishing a regulatory framework to tighten oversight over banking agents, including the minimum standards and restrictions that banks must comply with when dealing with banking agents to provide their services effectively, safely and at a reasonable cost, and finally the instructions aim to reduce the cost resulting from banks' expansion in establishing branch networks, which is reflected in reducing the cost for customers in general.

This, and these rules are considered among the measures taken by the Central Bank to prepare the regulatory environment and create a favorable environment to enhance financial inclusion, with the aim of providing banking products and services outside the scope of the banks' branch network with appropriate quality and cost, to reach all segments of society, especially marginalized and financially excluded groups.

2- Definitions:

2-1 Banking Agency: the process of providing the banking services set out in these rules on behalf of banks through the use of agents contracted with.

2-2 Banking Agents: a legal entity contracted with to provide one or more of the banking services - set out in these rules - through its head office, one of its branches, or its fixed or mobile outlets, pursuant to legal contracts approved by the bank's legal department and binding on both parties, and after the banks obtain the necessary approvals from the Central Bank, provided that those contracts include the standards stipulated in these instructions as a minimum.

3- Scope of Application:

These rules apply to all banks operating in the Arab Republic of Egypt, including branches of foreign banks, and any banking agent contracted with through the banks.

The term "service provider" in the following rules shall be replaced by the term banking agent:

3-1 The regulatory rules concerning financial inclusion issued by the Central Bank pursuant to the circular letter dated 17 July 2019 and the instructions subsequent thereto.

3-2 The explanatory memorandum for due diligence procedures and the regulatory rules concerning financial inclusion issued by the Central Bank dated 24 March 2021.

4- Permitted Activities:

The work of banking agents is limited to the following activities:

4-1 Identifying customers and verifying their identities, as well as updating data, information and documents, in accordance with all due diligence procedures issued by the Anti-Money Laundering and Terrorist Financing Unit.

4-2 Identifying customers and verifying their identities electronically, as well as updating data, information and documents electronically, through the digital financial identity system, in accordance with the procedures for identifying bank customers and verifying their identities electronically issued by the Anti-Money Laundering and Terrorist Financing Unit, as well as the rules governing the services of the digital financial identity system for identifying bank customers and verifying their identities electronically issued by the Central Bank of Egypt.

4-3 Receiving and completing requests for various banking transactions (for example: opening accounts, updating customer data, issuing bank cards, transfers, requests for issuing checks...etc.) and sending them to the competent departments of the bank to complete their procedures, provided that the bank sets controls for completing those forms.

4-4 Completing application forms for obtaining loans and credit cards from customers (not including contracts, checks or bonds).

4-5 Delivering all types of bank cards provided that they are not activated.

4-6 Providing channels for financial education and awareness campaigns.

4-7 Marketing and promoting the bank's products through advertising means printed by the bank.

5- Entities Eligible to Practice the Activity of Banking Agents:

5-1 Financial institutions subject to the control and supervision of the Central Bank, provided that no sanctions or penalties have been issued against them during the two years prior to the effective date of the license to practice the activity.

5-2 Non-banking financial institutions subject to the control and supervision of the Financial Regulatory Authority, provided that the bank obtains a letter from the Authority indicating approval of those entities practicing the banking agency service, as well as the soundness of their performance and their compliance with the standards and rules for practicing the activity specified by the Authority, provided that no sanctions or penalties have been issued against them during two years.

5-3 Ministries and government entities, and any other entities subject to their control and supervision, after obtaining the approval of those ministries and government entities.

5-4 Embassies and consulates, and the diplomatic communities of the Arab Republic of Egypt abroad, provided that the bank obtains the approval of the Ministry of Foreign Affairs and International Cooperation and Egyptians Abroad.

5-5 Any other entity wishing to practice the activity of banking agency, provided that it complies with the restrictions of these rules, and that the following are available:

5-5-1 That the entity has a valid commercial register and a valid tax card.

5-5-2 The bank subjecting the entity's owners and senior management to the bank's customer due diligence procedures, and collecting any information it deems necessary to obtain regarding them.

5-5-3 The bank verifying that none of the entity's owners or those managing it have been subject to criminal sanctions or sanctions for crimes involving honor or trust.

6- Determinants that the banking agent must comply with when carrying out banking agency activities:

1-6 The banking agent must have at a minimum the following:

1-1-6 To be a legal person.

2-1-6 Not to have been previously classified as defaulting or had bankruptcy proceedings filed against it.

3-1-6 To have a business track record in its field for a period of not less than two years.

4-1-6 To possess the appropriate infrastructure and human resources to enable it to provide services with a sufficient degree of efficiency.

5-1-6 Integrity, good reputation and financial solvency of the managers and owners of the banking agent.

Excluded from the foregoing are ministries, government entities, embassies, consulates and diplomatic missions of the Arab Republic of Egypt abroad.

2-6 Responsibilities of the banking agent:

1-2-6 The banking agent may not assign its contractual obligations arising from the banking agency activity to others, and it bears the responsibility of full compliance with the terms of the concluded banking agency contracts.

2-2-6 The banking agent's activity shall not be limited to providing banking agency services only.

3-2-6 The agent is prohibited from using the word bank in its logo or any of its advertising means.

4-2-6 Dealing with banking agents shall be limited to the account-holding customer and not through an agent or delegate, except for providing channels for financial education and awareness campaigns and the marketing and promotion of the bank's products, which shall be for all citizens.

5-2-6 The agent's commitment to provide the bank with all reports related to anti-money laundering and terrorist financing requirements.

6-2-6 The agent must notify the bank of the closure of any service outlet permanently or temporarily as soon as the decision to close is taken, provided that the bank verifies the removal of all signs and stickers related to contracting with it, and verifies receipt of all documents related to operations carried out up to the date of stoppage.

6-2-7 The agent's commitment to inform the banks of all reports of cyber incidents, information security incidents, operational incidents and fraud incidents, all in accordance with a specified time frame.

7- Determinants that the bank must comply with:

7-1 Establishing a banking agency policy and having it approved by the board of directors, provided that it includes at a minimum the following:

7-1-1 Criteria for selecting agents in accordance with internal policies and in accordance with these rules, and that policy shall include assessment of the risks of using the banking agent and the acceptable level of risk associated with the banking agency, provided that this assessment is carried out periodically, or whenever the need arises.

7-1-2 Availability of a continuous and effective control system over the agents' activities to ensure compliance with the terms of the banking agency contract and the instructions of the Central Bank.

7-1-3 Criteria for the know-your-agent due diligence study.

7-1-4 Providing appropriate channels to resolve technical problems for agents within a specified period of time.

7-1-5 Procedures to be taken upon termination of agency contracts or in cases of breach of contracting terms.

7-1-6 Contingency plans, including the business continuity plan or in the event of temporary or permanent suspension or closure of any of the agents' outlets, to ensure continuity of banking services.

7-1-7 Management of conflicts of interest (if any) in a manner consistent with the governance and internal control instructions issued by the Central Bank.

7-2 The bank shall include the assessment of the risks of using the banking agent and the potential risks associated with it in the assessment of the money laundering, terrorist financing and financing of weapons of mass destruction risks faced by the bank.

7-3 Verifying the compliance of the banking agent with the application of customer identification and verification procedures and the update procedures to which the bank is committed.

7-4 The bank must determine the services that each agent can provide according to a study prepared for this purpose, including an assessment of the associated risks, with full commitment to the permitted activities.

7-5 Obtaining the approval of the Central Bank of Egypt before contracting with the banking agent and upon its renewal or amendment of any of the terms contained therein, provided that a register of banking agents approved by the Central Bank is prepared.

7-6 Monitoring banking agency operations and ensuring the confidentiality of customer data, with the need to ensure the protection of customer data and information in accordance with the bank's information security policies and procedures and the relevant legislative and regulatory requirements.

7-7 Monitoring all agents to ensure the assessment and treatment of regulatory risks, such as the improper application of services or the breach of any of the contract terms.

7-8 The full ultimate responsibility for resorting to the banking agent rests with the bank, and the bank, as the party to the agency contract, bears full responsibility for implementing these instructions, as well as the rules and procedures issued regarding anti-money laundering and terrorist financing, and it bears responsibility for everything issued by its agents with whom it has contracted to provide banking services.

7-9 Ensuring the availability of systems, procedures, regulations, and internal policies at the banking agent that ensure high levels of efficiency and integrity in appointing its employees.

7-10 Including the inspection of banking agents within the bank's annual internal inspection plan.

7-11 Establishing appropriate procedures to periodically verify the banking agent's compliance with all its responsibilities stipulated in the contract to avoid any fundamental or recurring violations.

7-12 The bank must prepare and publish a list of its affiliated banking agents and the services and products they provide on the website as well as in the annual report, provided that this list is updated immediately upon any amendment, and the list shall include at a minimum (name, address, headquarters, ...), as well as providing a mechanism through which customers can verify the affiliation of the agents to the bank.

7-13 Preparing a list of terms and conditions for providing the service through the banking agent, including the risks resulting from it, the guidelines that must be followed, and the customer's responsibilities, and upon starting to provide the service, the bank must obtain the customer's approval to this list.

7-14 The bank must ensure that the employees of banking agents receive the necessary training before practicing banking agency activity, to enhance their efficiency by developing appropriate training plans and programs, provided that this includes at a minimum:

Anti-money laundering and terrorist financing programs and procedures.

Banking services and products provided through agents.

Rules of the code of conduct and protection of customers' financial rights, including agents' handling of complaints.

8 Central Bank Approval:

8-1 In case the bank wishes to resort to banking agents, the Central Bank's approval of the following documents is required, or upon making any amendments to the documents:

8-1-1 The bank's internal policy approved by the Board of Directors regarding banking agency activity, including the tasks and responsibilities of the bank's functions entrusted with managing agents.

8-1-2 Evidence of the availability of infrastructure that enables the bank to deal with agents and perform its tasks in the best possible manner.

8-1-3 Risk assessment for the operations to be carried out through agents, provided that it includes the approval of the bank's compliance and risk sectors.

8-1-4 A preliminary general plan for the bank's geographical expansion through agents in various regions of Egypt and remote areas, giving priority to governorates with lower financial inclusion rates, after coordination with the Central Bank's financial inclusion sector.

8-1-5 Business continuity and emergency plan to ensure the continuity of services provided through banking agents.

8-1-6 Banking agent evaluation model - which will be provided to banks by the Central Bank - provided that it includes ensuring that agents have sufficient efficiency with appropriate administrative structures and funding sources.

8-2 For each new contract with a banking agent, banks must submit an application to obtain written approval from the Central Bank, while providing the Central Bank with the following:

8-2-1 A declaration from the agent and the contracting bank that there is no conflict of interest between them.

8-2-2 The following data and documents specific to the agent:

8-2-2-1 Name of the agent (trade name)

8-2-2-2 Legal form.

8-2-2-3 Nature of the activity.

8-2-2-4 The actual headquarters of the agent in addition to the postal address and telephone numbers of the agent.

8-2-2-5 A recent extract from the commercial register (not older than 6 months) / the tax card or an activity practice license / an approved basic system from the supervisory authority to which the banking agent is subject (if any), in addition to a recent tax certificate.

8-2-2-6 Name and address of the establishment owner and the nationality (or nationalities) he possesses, and his personal identification document (in the case of individual establishments), and telephone number.

8-2-2-7 Name, address, and nationality of the chairman of the company's board of directors or the executive director or the equivalent position, and his personal identification documents, and telephone number.

8-2-2-8 Criminal record / criminal background check for the establishment owner and those managing it.

8-2-2-9 Evidence of the financial solvency of the banking agent.

8-2-2-10 Curricula vitae of the members of the board of directors and executive management of the banking agent, and a pledge that there are no crimes affecting honor or integrity against them or that they are not under investigation and there are no cases against them or against the company.

8-2-2-11 Names, addresses, and nationalities of the natural persons who hold controlling shares in the company representing 25% or more of the company's capital and their personal identification documents, and the legal documents of legal persons as well as the ultimate beneficiaries of the natural persons for the ownership shares referred to.

8-2-2-12 A copy of the banking agency contract.

8-2-2-13 A pledge to update the establishment's or company's data immediately upon any changes occurring in it or upon the bank's request, as well as with any change in the agent's ownership structure.

8-2-2-14 A report from the Egyptian Credit Information Company regarding the banking agent.

8-2-2-15 A list of the services that the agent will provide on behalf of the bank.

8-2-2-16 The geographical scope intended to be covered by the agent, specifying the working hours.

8-2-2-17 Documents indicating the reasons for terminating the contract in case it was a former agent of one of the banks.

8-2-2-18 For ministries, government bodies, embassies, consulates, and diplomatic communities of the Arab Republic of Egypt abroad, documents are completed according to the nature of the body and each is studied separately.

8-2-2-19 Any other documents requested by the Central Bank.

8-2-3 The Central Bank's approval to contract with an agent is void if the agent does not carry out its business within six months from the date of issuing the approval.

8-2-4 Prior approval from the Central Bank must be obtained for any amendment to any of the preceding terms, and the Central Bank must be notified in advance with a period of not less than one month before terminating the contract with the banking agent, specifying the reasons.

9 Reporting:

Each bank must submit a quarterly report to the Central Bank's Financial Inclusion sector, provided that the report includes the following as a minimum:

The total number of agents contracted with and their geographical distribution.

The number of transactions executed by each agent individually according to the type of product or service, geographical distribution, gender (male or female), and age groups.

The total number of complaints and their status, without prejudice to the banks' obligation to provide the Central Bank with a quarterly report on customer complaints in accordance with the controls and conditions stipulated in the instructions for protecting bank customers' rights.

9-4 The number of the agent's operating outlets, including their addresses and telephone numbers.

9-5 The number of the agent's outlets that have been closed, including their addresses.

9-6 The number of days the agent was unable to provide the service and the average duration of electronic work system downtime (if any).

9-7 The number and volume of fraud, scam, theft, or data breach incidents that occurred at any of the agent's outlets (if any) and the measures taken in this regard.

10 Banking Agency Contract:

The duration of contracts concluded between the bank and the banking agent must not exceed three years, and they must be renewed for similar periods after notifying the Central Bank at least three months before the contract's expiration date. The banking agency contract must include the following as a minimum:

10-1 The role of each of the bank and the agent in contracting, the rights, obligations, and responsibilities of both parties, particularly regarding the application of due diligence procedures.

10-2 The permitted activities and the prohibition of performing any activities not stipulated in the contract.

10-3 The standards stipulated in these rules as a minimum.

10-4 Provisions confirming compliance with applicable Egyptian laws, the instructions of the Central Bank of Egypt, and the Anti-Money Laundering and Terrorist Financing Unit regarding customer due diligence procedures.

10-5 Insurance of the agents' outlets, penal provisions, and compensation procedures in case of breach of contracting terms, as well as the procedures taken in this regard, including the compensation plan for each of the bank and the agent - if either party decides to suspend banking agency activities - and the possibility of imposing penalties or sanctions in case either party breaches any of the contract's clauses, in addition to dispute resolution mechanisms, including disputes between the customer and the agent, and between the agent and the bank.

10-6 Controls for internal supervision and customer-related documents.

10-7 A provision stating that the bank holding the banking agency contract has the right to inspect, supervise, and audit the internal systems of its agents, their documents, records, and headquarters on a periodic basis to ensure that the work rules being followed are consistent with the instructions issued by the Central Bank and the rules issued by the bank.

10-8 A provision stating that the bank holding the banking agency contract may request any reports from the banking agents, and the agent is obligated to provide them periodically or as needed within the time frame specified by the bank.

10-9 A provision stating that the Central Bank has the right to inspect, supervise, and audit the agent's internal systems, documents, reports, records, and headquarters as it sees fit.

10-10 The headquarters through which banking agency services will be provided, and a provision restricting the provision of services through them exclusively.

10-11 The agent's undertaking that all data and documents related to the transactions executed by the agent are the exclusive property of the bank holding the banking agency contract, and the agent has no right to use them in any form or share them with any other party, and the undertaking to maintain the confidentiality of customer data and not disclose it (during and after the expiration of the banking agency contract), provided that the agent keeps these documents securely until they are fully transferred to the bank within a maximum of 30 working days.

12-10 The presence of stickers or signs that include a clear mechanism for receiving customer complaints at the premises of the accredited banking agents, so that they are referred to the bank for handling, in accordance with the instructions for the protection of the rights of bank customers.

13-10 Determining the expenses/commissions that the customer will bear in exchange for receiving the service.

14-10 The agent's fees and commissions, and the prohibition of imposing any commissions on customers that exceed those stipulated in the contract.

15-10 The existence of clear rules requiring the customer to be notified clearly and in detail of all terms and conditions of the service, its limitations, and its expenses before use.

16-10 Determining the days and working hours during which banking agency services are provided.

17-10 Placing a clear sign in front of the agent's premises that includes the banks with which the agent is contracted, in addition to a sticker in a clear place and of an acceptable size that includes all services authorized for the agent.

18-10 The terms and conditions for terminating the banking agency contract, and the bank's rights in the event of cancellation of the contract, including the transfer of data to the bank, as well as cases of breach of contract terms, and the terms for terminating the agency contract must include at a minimum the following:

Taking all necessary measures to ensure the interests of those dealing with the agent.

Ensuring that the agent ceases to carry out the works entrusted to him and specified under the agency contract.

Settling all outstanding obligations with the agent.

19-10 Stipulating that the bank that is party to the agency contract alone has the right to add, amend, or cancel any of the services or any of the terms of the contract concluded with the banking agent, with notification to the agent in those cases, and in all cases the agent has no right to make any changes to the services assigned to him.

20-10 The agent may not conduct transactions on behalf of the customer without the actual presence of the customer, verification of his identity, and review of the valid identification document.