CBE Extends Exemption on Banks Services Fees until end of Dec.

The Board of Directors of the Central Bank of Egypt (CBE) decided on Wednesday to extend the validity of exempting customers from the expenses of 8 banking services for a new period of 6 months, starting from July 1 to December 31.

The banking services that have been exempted from fees include ones related to bank transfers in Egyptian pounds, issuance of e-wallets, transfer fees between mobile phone wallets, and transfers between any mobile phone account and any bank account.

The decision also include exempting fees on the issuance of prepaid cards, provided that these cards are contactless, fees and commissions for cash withdrawals, including pension exchange cards, as well as exempting all e-commerce activation fees.

The Central Bank said that the decisions aim to provide more facilitation to citizens and encouraging them to turn to e-payment methods, in a way that supports the state’s direction toward digitization.