CBE Allows Banks to Offer More Payment Services with Mobile Wallets

CBE Allows Banks to Offer More Payment Services with Mobile Wallets
Source: Egypt Independent

CBE’s Board of Directors released the third edition of the rules that govern mobile phone wallet payment services and has approved the measures of providing loan and digital savings services through mobile wallets.

The CBE said that this step is in line with the National Payments Council’s strategy that aims to attain digital transformation and financial inclusion, headed by President Abdel-Fattah El-Sisi.

The new rules allow the provision of lending and digital savings services through customers’ mobile phone wallets in real-time. Additionally they allow the transfer of money between mobile phone wallet accounts.

The CBE said that the Egyptian Company for Credit Inquiry, iScore, is currently working on implementing regulations that control digital evaluation models in lending through mobile wallets in light of the CBE’s directives.

The number of mobile wallet accounts has now reached 20 million. While the total value of annual transactions that took place through mobile phone wallets during 2020 is estimated at EGP 100 billion. Annual transactions done through mobile wallets grew by 300% in 2020, compared to 2019, according to the CBE.

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