Egypt’s central bank approves instant electronic payment regulations

Egypt’s central bank has approved on Monday regulations designed to enable people to make instant electronic payments between bank accounts using their mobile phones.

According to a statement released by the central bank, a new network, to be launched by the end of the year, will also enable customers to manage all their bank accounts and complete transfers with any bank through a single application.

“Customers will be able through the new network to complete transfers within a few seconds, on weekdays and during official holidays using various electronic payment tools issued by Egyptian banks,” Rami Aboul Naga, central bank deputy governor, said in the statement.

Over the past two years, Egypt has rolled out a bunch of new legislations as well as regulatory changes designed to unleash fintech investments and transform the way the country’s largely unbanked citizens are doing businesses.