The Central Bank issued a number of decisions during the period from July 1 to December 31, 2022 to support the digital transformation process.
The Central Bank clarified, in a statement today, Wednesday, that the decisions included issuing prepaid cards to citizens free of charge, provided that these cards are contactless.
The statement added that all fees for activating electronic collection services via the Internet “E-COMMERCE” have been canceled for companies wishing to activate this digital financial service for the first time, and individuals have been exempted from expenses and commissions for bank transfers that are made in Egyptian pounds through electronic channels only. Internet, mobile banking, and instant payments network applications.
The Central Bank stated that all fees and commissions borne by private sector merchants through electronic points of sale on operations that are carried out using contactless payment tools issued by banks operating in the Republic and without entering the password have been canceled.
With regard to ATM transactions, the Central Bank clarified that cash withdrawal transactions are made free of charge through the machines belonging to the same bank of the customer, while a maximum of EGP 5 is added for the expenses incurred by the customer for any cash withdrawal from ATMs affiliated with other banks.
He pointed out that the cash withdrawal limit was set at EGP 4,000 per transaction from ATMs of other banks.
Regarding mobile phone wallets, the Central Bank indicated that the electronic wallets will continue to be issued free of charge, and transfer expenses for the first transaction per month are exempted, and a maximum of EGP has been set for the expenses incurred by the customer for any other transfer transaction that takes place between mobile phone wallets of the same service provider.