Egypt’s launches electronic platform for mortgage installments

The Central Bank of Egypt (CBE) and the Social Housing Fund have launched an initiative to collect the installments of mortgage and home loans electronically with the partnership of mortgage lenders.

According to a statement from the bank, CBE the initiative came within the framework of efforts by the national council for payments to develop the collection and payment systems in partnership with state institutions.

The statement added the new service would help the clients pay the installments of their home loans easily and without additional charges through the use of mobile phone payment applications.

Source: Africa Business Communities