- Daily transaction limits for financial inclusion accounts, prepaid cards, and mobile banking services for licensed micro-enterprises increased from LE 40,000 to LE 80,000.
- Monthly limits for this category raised from LE 200,000 to LE 400,000.
- Notable growth rate of 147% in financial inclusion rates since 2016.
The Central Bank of Egypt (CBE) has announced a substantial 100% increase in transaction limits for prepaid cards, mobile banking, and financial inclusion accounts, according to the bank official statement.
For individual account holders, the CBE has effectively doubled the daily limits for withdrawals, transfers, and purchases, elevating them from LE 30,000 to LE 60,000. Correspondingly, the monthly limits have been raised from LE 100,000 to LE 200,000.
Licensed micro-enterprises also benefit from this enhancement, with daily transaction limits for financial inclusion accounts, prepaid cards, and mobile banking services soaring from LE 40,000 to LE 80,000. Monthly limits for this category have been increased from LE 200,000 to LE 400,000.
The CBE extends its support to unlicensed micro-enterprises, self-employed workers, and freelancers, marking a substantial increase in daily transaction limits from LE 30,000 to LE 60,000. Monthly limits have been elevated from LE 100,000 to LE 200,000.
In a recent report released in April, the CBE disclosed remarkable progress in Egypt’s financial inclusion landscape.
Notably, 42.3 million citizens, constituting 64.8% of eligible adults, actively utilize transactional accounts, encompassing bank accounts, Egypt Post accounts, mobile wallets, and prepaid cards.
The report underscores a notable growth rate of 147% in financial inclusion rates since 2016, highlighting the positive impact of the CBE’s strategic initiatives.
USD equals 30,93 EGP
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