Egypt’s central bank launches initiative to cancel fees on activating e-collection services

The Central Bank of Egypt (CBE) launched an initiative to cancel all fees that private sector’s MSMEs bear to activate the electronic collection services via the internet (E-Commerce) till the end of June 2021.

The move comes as part of CBE continued efforts, aimed at fighting the coronavirus pandemic as well as boosting the economy, and the banking system.

“The initiative comes within the framework of the Central Bank’s keenness on increasing the number of companies using the online electronic collection services via websites or mobile phone applications,” deputy CBE governor Rami Abul Naga said.

Egypt has witnessed a “significant increase in the value of transactions carried out over the internet during the recent period, which reached 100 percent during the coronavirus pandemic,” Abul Naga said.

He added that the move reflects “an increase in awareness of citizens and merchants of the benefits of the e-commerce service during that period, encourages the continued popularity of electronic payment methods and channels, and supports the direction of the state and the Central Bank to transform into a society less dependent on banknotes.”