ArabFinance: The Central Bank of Egypt (CBE) will allow banks to launch digital lending services via mobile wallets in 2022, the bank revealed in its financial stability report.
The regulations on the decision, which will allow loans to be approved immediately with reliance in part on an online credit rating, were issued in April 2021.
The rules are part of the CBEs drive to improve financial inclusion.
A week earlier, the central bank approved the launch of the electronic portal (e-portal) for managing mobile phone wallet accounts, in cooperation with the National Telecommunications Regulatory Authority (NTRA).
Through the portal, users can make an inquiry about any electronic wallet registered with his mobile phone number, as well as unsubscribe from the wallet for free and without the need to visit the branch in preparation for changing the service provider.
Establishing the electronic portal came in light of the keenness of the CBE to provide more electronic digital financial services that are easy and flexible to suit all spectrums of society.
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