Egypt’s c.bank, media regulator sign deal on digital banking transparency

Egypt’s central bank and the Supreme Council for Media Regulation (SCMR) signed a cooperation protocol on Monday to strengthen oversight of digital banking content.

The agreement, signed by Central Bank of Egypt (CBE) Governor Hassan Abdalla and SCMR Chairman Khaled Abdel Aziz, aims to regulate the data banks published on websites and mobile applications, ensuring accurate, timely, and consistent disclosure to the public.

Under the protocol, the CBE will define the data banks must publish, including details on services, pricing, and financial statements, and set the standards, mechanisms, and governance rules for online disclosure.

The move is part of the central bank’s efforts to enhance transparency in the financial sector and improve public access to reliable banking information.

Attribution: Amwal Al Ghad English