CBE issues new regulations for mobile wallet users

Mobile wallet users will soon be able to access loan and saving services in real time under new regulations by the Central Bank of Egypt (CBE)

The new regulations also clear the way for interoperability between mobile wallets and bank accounts, allowing funds to be transferred between them, according to Rami Aboul Naga, the CBE Deputy Governor.

Creditworthiness for mobile wallet users will also be determined based on “behavioral evaluations,” including whether or not they keep up with utility bill payments, according Amany Shams El Din, Sub Governor for payment and banking transactions at CBE

The new mechanism is designed for borrowers who don’t have credit histories or any prior records with the traditional banking system. State-backed credit rating agency iScore is currently working on setting up this new evaluation mechanism, the CBE said.

There are 20 million mobile wallets in the country with a total value of transactions amounting to EGP 100 billion in 2020, up by 300% from 2019, said Ehab Nasr, Assistant Sub Governor of CBE for Payment Systems and Business Technology.