The Board of Directors of the Central Bank of Egypt has chosen to exempt customers dealing with electronic payment and collection services, from all expenses and commissions related to bank transfer services, for individuals, which are carried out through electronic channels, in some services, starting from January 1, 2023 to December 31, 2023.
In brief, Al-Masry Al-Youm monitors the details of the fully exempted services and the value of the paid service fees.
The national system for instant payments
The CBE decided to exempt customers of the national system for real-time payments – which was launched in April – from all expenses and commissions related to real-time transfer services.
The system is expected to be an integrated alternative to cash payments, allowing all remittance services to customers in real time, seven days a week, 24 hours a day.
Activating electronic collection services via the Internet
The Board of Directors of CBE decided to cancel all fees for activating electronic collection services via the Internet (E-Commerce) for micro, small and medium companies that wish to activate this service, in order to stimulate companies to expand the use of digital financial services.
Transfer from the mobile phone wallet
The CBE has exempted all customers from transfer fees for the first transaction per month to transfer from any mobile phone wallet to any other wallet, and the value of one Egyptian pound as a maximum for the expenses incurred by the customer for transfer transactions that take place between mobile phone wallets belonging to the same service provider.
As for transfer transactions that take place between any two mobile phone wallets that are not affiliated with the same service provider, the existing pricing has been modified to be a maximum of EGP15 per transaction.
Edited translation from Al-Masry Al-Youm