CBE raises electronic payment limits amid Coronavirus spread

The Central Bank of Egypt (CBE) has raised the limit for electronic payments via mobile phones to 30,000 Egyptain pounds per day and 100,000 pounds per month for individuals, and 40,000 pounds per day and 200,000 pounds per week for corporations.

The CBE’s new decisions are part of a broader set of measures adopted to face the impacts of the coronavirus outbreak.

The CBE sent directives to banks on Saturday instructing them to make available to their clients online accounts that are accessible through mobile phones using clients’ already registered data.

The CBE also increased the number of electronic cash units for every bank to 500,000 pounds, allowing account transactions from within the same bank or from one bank to another.

It also instructed banks to issue electronic portfolios for six months.

The CBE also instructed banks to issue free pre-paid banking cards for citizens for six months and to raise their limits from 300 to 600 pounds without the need to enter a password.

Inter-bank services will follow the current rules, giving banks the right to register their clients in this service after confirming their identities.

The new procedures have exempted payment outlets from all fees and commissions on operations that are carried out through banking cards or mobile phone portfolios.

For ATM operations, the card issuer will bear all fees on cash withdrawals over the fee cancellation period.

The Central Bank of Egypt (CBE) has  also decided to raise ATM withdrawal limits for individuals to 30,000  pounds per day and  100,000  pounds per month, while companies can withdraw 40,000  pounds per day and  200,000 pounds per month.