CBE to extend waive on ATM withdrawals fees until 2020 end

The Central Bank of Egypt decided to extend a decision to waive EGP transfers and ATM withdrawals Fees put in place on 15 March as part of its measures to drive transactions to online channels and cushion the economic impact of the covid-19 pandemic.

The bank will also cover the c. 50 million total cost of fees associated with withdrawals of pensions to alleviate the financial burden on the elderly, it said.

There will be no fees for the opening of e-wallets, the issuance of prepaid cards, and balance transfers between mobile phone users.

The CBE also instructed banks to waive fees for merchants on contactless “tap & go” transactions worth less than under EGP 600. T

However, The bank decided earlier this week not to extend payment holidays on bank facilities