CBE issues new mobile wallet regulations

There are 20mln mobile wallets in the country

  
Central Bank of Egypt's headquarters is seen in downtown Cairo, Egypt March 8, 2016. Image used for illustrative purpose.

Central Bank of Egypt's headquarters is seen in downtown Cairo, Egypt March 8, 2016. Image used for illustrative purpose.

REUTERS/Mohamed Abd El Ghany

Cairo – Mubasher: The board of directors of the Central Bank of Egypt (CBE) approved new regulations, allowing access to loan and saving services in real time through mobile wallets.

The regulations allow the transfer of funds between mobile wallets and bank accounts, the CBE’s Deputy Governor, Ramy Aboul Naga, said in a statement on Monday.

Banks will rely on behavioral evaluations to determine the creditworthiness of mobile wallet users.

There are 20 million mobile wallets in the country with a total value of transactions amounting to EGP 100 billion in 2020, up by 300% from 2019, said Ehab Nasr, Assistant Sub Governor of CBE for Payment Systems and Business Technology.

Source: Mubasher

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