Egypt's Central Bank adopts rules regulating cash deposit, withdrawals interoperability through service providers

Strategy also aims to provide easy and convenient electronic payment and collection services for citizens

  
A woman walks past the Central Bank of Egypt's headquarters in downtown Cairo March 17, 2013. Image used for illustrative purpose

A woman walks past the Central Bank of Egypt's headquarters in downtown Cairo March 17, 2013. Image used for illustrative purpose

REUTERS/Amr Dalsh

The Board of Directors at the Central Bank of Egypt (CBE) has approved the rules for the interoperability of cash deposit and withdrawal services through service providers.

This comes as part of the strategy set up by Egypt’s National Payments Council, headed by President Abdel Fattah Al-Sisi, to support the transformation towards digital economy.

The strategy also aims to provide easy and convenient electronic payment and collection services for citizens, and would eventually enhance financial inclusion. This step comes as part of the CBE’s plan to increase the use of payment devices.

Rami Aboul-Naga, Deputy Governor of the CBE, said that the rules adopted reflect the central bank keenness to achieve the maximum benefit from the infrastructure of payment systems and services.

It also encourages citizens to continue to use electronic payment methods and channels to boost Egypt’s transformation into a cashless society.

Amany Shams-Eldin, First Sub-Governor Banking Operations at the CBE, said these rules will enable citizens to deposit or withdraw cash with all payment cards or mobile phone wallets from all service provider outlets.

Amany Shams-Eldin, First Sub-Governor Banking Operations at the CBE

They will be able to do so without being restricted to specific service provider outlets and the contracting bank.

Ehab Nasr, CBE’s Assistant Sub-Governor Payment Systems and Services

Ehab Nasr, CBE’s Assistant Sub-Governor Payment Systems and Services, said that the new rules are expected to contribute to providing cash deposit and withdrawal services to about 70 million electronic payment devices.

This is through nearly 500,000 electronic points of sale (POS), which in turn will lead to saving the time and energy of citizens.

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