Central Bank of Egypt approves increasing mobile cash transfer limit

Central Bank of Egypt approved increasing caps on cash withdrawals and depositing under mobile-phone cash transfer services, head of marketing department at Vodafone Egypt Karim Shehata announced Sunday.

Shehata said in a statement to local media that the limit is now 50,000 Egyptian pounds per month and 10,000 pounds per the daily transaction.

In 2013, a new service was introduced into the market to allow mobile-phone users to execute money transfer and payment transactions via mobile through banking channels.

The service allows participants to transfer money through mobile-phones to other clients participating at the service, in addition to the possibility of raising their credits or making withdrawals through banking branches.

This service has marked a new phase for financial services in Egypt as it introduced secure solutions for money transfer. Source: Africa business community