Egypt Raises Limits on Prepaid Cards, Mobile Banking Transactions by 100%Source: www.export-egypt.com 11/15/2023, Location: Africa |
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The Central Bank of Egypt (CBE) has increased daily and monthly limits of transactions on financial inclusion accounts, prepaid cards, and mobile banking by 100 percent, a circular said.
For individuals, the daily limits on the abovementioned category, including withdrawals, transfers, and purchases, increased from EGP 30,000 to EGP 60,000 and the monthly limits increased from EGP 100,000 to EGP 200,000. As for licensed micro-enterprises, the CBE raised the daily limits on financial inclusion accounts, prepaid cards, and mobile banking transactions from EGP 40,000 to EGP 80,000 and the monthly limits from EGP 200,000 to EGP 400,000. Furthermore, the central bank increased the daily limits for unlicensed micro-enterprises, self-employed workers and freelancers from EGP 30,000 to EGP 60,000. The bank also raised the monthly from EGP 100,000 to EGP 200,000, according to the statement. The move is in line with Egypt’s efforts to boost mobile banking and all sorts of cashless payments to include more of the unbanked in the country. Egypt has invested EGP 50 billion in digital transformation projects. In 2022, the CBE launched its financial inclusion strategy for 2022-2025 to promote financial inclusion in the country. In October, the CBE announced that financial inclusion rates improved between 2016 and 2022 by 147 percent. Up to 42.3 million citizens have accounts that enable them to conduct financial transactions, including bank accounts, Egypt Post accounts, mobile e-wallets, or prepaid cards. The figure accounts for 64.8 percent of Egyptians above the age of 16 (65.4 million citizens) as per the CBE. |
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