The Central Bank of Egypt (CBE) has decided to raise ATM withdrawal limits for individuals to EGP 30,000 per day and EGP 100,000 per month, while companies can withdraw EGP 40,000 per day and EGP 200,000 per month.
In a letter to the banks operating in Egypt, CBE said with regard to ATM transactions, the issuing bank bears all commissions and fees for cash withdrawal throughout the 6-month cancellation period.
With regard to points of sale, all fees and commissions are exempted in transactions executed using all bank cards or mobile wallets issued by banks operating in Egypt.
The CBE added that issuing the prepaid cards to citizens will be free of charge for a period of six months, provided that the cards are contactless, if a bank starts issuing this type of cards.
With regard to contactless payment methods, CBE decided to raise the maximum limit for a single operation from EGP 300 to EGP 600.
With regard to electronic collection, CBE indicated that banks that have a license for electronic acceptance services must activate the payment service using the Quick Response (QR) code and the service of requesting payment with all merchants who deal with points of sale (POS) and provide instructions for the use necessary for them with introducing customers by providing this service to merchants.
The CBE said that, with respect to the internet banking service, all the rules regulating the provision of Internet banking services issued by the CBE in November 2014 apply, provided that the bank may register the subscription of its existing customers in that service after verifying their identity in accordance with electronic verification methods, and the bank must determine banking services that are available to customers who have been subscribed to the service.
In the same context, CBE decided to increase the volume of payments using mobile wallet to EGP 30,000 per day and EGP 100,000 per month for individuals, and EGP 40,000 per day and EGP 200,000 per week for existing company customers, while the limit for new company customers will be EGP 30,000 per day and EGP 30,000 per month.
The CBE said that the maximum limit for electronic money units issued for each bank included in the rules of payment services using mobile was modified to EGP 500m, while allowing bank customers to transfer between any bank account with any bank or any other bank account, and electronic portfolios are issued for a period of 6 months.