Egypt's CBE approves interoperable rules of cash deposit, withdrawals via service providers

This move comes as part of the state’s strategy to attain the maximum benefit from the infrastructure of the payment services’ providers and to encourage the use of e-payment solutions

  
Central Bank of Egypt's headquarters is seen in downtown Cairo, Egypt, June 7, 2017. Image used for illustrative purpose.

Central Bank of Egypt's headquarters is seen in downtown Cairo, Egypt, June 7, 2017. Image used for illustrative purpose.

REUTERS/Mohamed Abd El Ghany
 

Egypt - The Central bank of Egypt (CBE) has approved the rules for interoperability of cash deposit and withdrawal services through service providers, according to a statement issued by the CBE.

These rules will enable citizens to deposit or withdraw cash through payment cards or mobile phones’ wallets from all service provider outlets, the CBE added.

This move comes as part of the state’s strategy to attain the maximum benefit from the infrastructure of the payment services’ providers and to encourage the use of e-payment solutions.

It is worth noting that President Abdel Fattah El-Sisi has met with the CBE’s governor Tarek Amer to look over the new banknote samples to be issued as of November 1st.

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