Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie

CBE Issues Interoperable Standards to Facilitate Customer Transactions


Thu 29 Jul 2021 | 09:03 PM
Taarek Refaat

The Central Bank of Egypt (CBE) issued interoperable standards to facilitate customer transactions through service providers as part of the country's national strategy to enhance digitation and financial inclusion.

Deputy Governor Ramy Abul-Naga said, in statements on Thursday, that the regulations come within the framework of the Central Bank’s keenness to achieve maximum benefit from the infrastructure of payment service providers, and to facilitate  electronic payment methods for citizens.

Abul-Naga added that these regulations cover cash deposit and withdrawal via mobile phones or credit cards along with the outlets of other service providers across the country without having to deal with specific places that provide services to their customers.

Amany Shams Eldin, CBE First Sub-Governor for Banking Operations said that the new regulations will provide cash deposit and withdrawal services through 70 million ATMs along with 500,000 electronic payment points.

The enactment of new regulations for the central bank is in line with the state’s general policy to regulate the fintech industry in Egypt.