Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie

CBE Raises Transaction Limits via Prepaid Cards, Mobile Wallets

Wed 15 Nov 2023 | 09:12 PM
The Central Bank of Egypt (CBE) headquarters, Cairo.
The Central Bank of Egypt (CBE) headquarters, Cairo.
Taarek Refaat

The Central Bank of Egypt (CBE) decided, according to a statement on Wednesday, to increase the daily and monthly maximum limits for operations on prepaid cards and mobile wallet payment services.

The decision includes withdrawals, transfers, discounts, and purchases.

The Central Bank said that the decision aims to facilitate the implementation of financial transactions and facilitate the categories targeted for inclusion in the banking system.

For individuals, the maximum daily transaction limit has been raised to 60,000 pounds ($1.9,000) from 30,000 pounds previously. The monthly maximum increased to 200,000 pounds from 100,000 pounds previously.

For companies and micro-enterprises that have documents or a headquarters, the Central Bank raised the daily maximum from 40,000 pounds to 80,000 pounds, and the monthly maximum from 200,000 pounds to 400,000 pounds.

As for companies, micro-enterprises, and self-employed people who do not have documents or a headquarters, the daily maximum limit has become 60,000 pounds instead of 30,000 pounds, and the monthly limit is 200,000 pounds instead of 100,000 pounds previously.