The Central Bank of Egypt (CBE) has announced the extension of the exemption from fees and charges for all bank transfer services carried out in Egyptian pounds electronically, in addition to the continuation of the issuance of electronic wallets until at the end of 2022.
Transfer fee waived for the first monthly transaction from any mobile wallet
The Central Bank has forced banks to establish a fee policy on transfer services for natural persons only through the mobile phone wallet, while exempting all citizens from transfer fees for the first monthly transaction of any mobile phone wallet to any other mobile phone wallet, and setting an estimated maximum difficulty limit of 1 EGP per transaction.
The bank has also imposed the need to set a maximum transfer fee estimated at 0.5% of the transfer value and not exceeding 10 EGP for transfer transactions that take place between any mobile phone wallet and any other mobile phone wallet that is not affiliated with the same service. vendor.
Exemption from issuing fees for prepaid cards
Regarding bank cards, the central bank clarified that citizens will be exempt from all fees for issuing prepaid cards.
The Central Bank has required all banks to waive all fees and commissions incurred by private sector merchants on transactions using contactless payment tools issued by banks operating in Egypt.
The Central Bank also required banks to waive all fees incurred by private sector merchants of micro, small and medium enterprises wishing to activate electronic collection services via the Internet, with the need to commit to activate the withdrawal code express, as well as to accept national “Meeza” payment cards via applications and websites.
CBE increases cash withdrawals from ATMs of other banks to EGP 4,000
The Central Bank of Egypt has set a maximum limit of 5 EGP as commission on cash withdrawals from ATMs for cards issued by other banks, while increasing the maximum limit of cash withdrawals per transaction from ATMs. other banks at EGP 4,000.