CBE Sets Maximum Monthly Transaction through Instant Payments at EGP 200,000

The Central Bank of Egypt (CBE) announced the adoption of the rules governing the services of the instant payments network.

The central bank said in a statement on Sunday that it had set the maximum transaction value at EGP 50,000 Egyptian, the daily maximum value of transactions at EGP 60,000, and the monthly maximum value of transactions at EGP 200,000, while the governor of the bank may amend these maximum limits.

The bank added that this comes within the framework of contributing to the transformation to a society less dependent on banknotes, and contributing to raising the level of efficiency of the infrastructure of payment systems and for the banking sector, with the aim of allowing the completion of financial transactions for customers instantly and around the clock.

It demanded from banks operating in the market the necessity of completing all tests for the participation in the instant payments network within a maximum period of 6 months.

It explained that the rules require the activation of remittance services for the instant payments through the internet banking service and mobile banking, no later than 12 months from its date.

CBE's statement pointed out that the rules aim to define the framework for banks' work and mobile applications for service providers on the instant payments network, allowing customers and banks to carry out instant transfers through e-payment tools and provide appropriate banking services to all segments of society.

According to the instructions, the Bank PSP Fledge Full service provider will be allowed to launch a maximum of 5 applications with approved service providers.

The central bank governor will have to adjust the number of payment service providers for customers to carry out various financial operations through their accounts with the issuing banks.

The procedures for obtaining a license to work through the instant payments network included the submission of a work plan for a period of three years that includes: the number of accounts and cards for the target customers made available to the payments network, and the number and values of annual transactions targeted, in addition to a comprehensive marketing plan to introduce the service and activate its use.