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11:44 p. M.
Tuesday 15 September 2020
I wrote – Manal Al-Masry:
The Board of Directors of the Central Bank decided at its meeting today, Tuesday, to continue canceling the fees and commissions for cash withdrawals from ATMs, and to continue to exempt clients from all expenses and commissions for all bank transfer services in Egyptian pounds, until the end of this year.
The Central Bank had approved these exemptions as part of the precautionary measures to face the Corona virus for a period of six months, which ends on September 15.
The Central Bank said in the statement that it decided to continue with these exemptions from Wednesday, September 16, to December 31, 2020.
The Central Bank also decided to bear about 50 million pounds, representing the value of cash withdrawal expenses for pension exchange cards, in order to ease the burden on pension beneficiaries.
The Board of Directors also decided to continue issuing electronic wallets for free, canceling all commissions and fees for transfers between mobile phone accounts, and to continue issuing prepaid cards to citizens for free, until the end of the new period on December 31, 2020.
The Central Bank ordered banks that have an electronic acceptance license to limit the exemption of all fees and commissions assumed by private sector merchants to transactions that are carried out using contactless payment tools issued by banks operating in the Arab Republic of Egypt without entering the password, in order to encourage merchants and companies to activate contactless payments that are from Will achieve social distancing during that period and will promote the Tap & Go culture, for the value of small transactions that do not exceed 600 EGP.
Notably, the Central Bank launched an electronic payment initiative last May with the goal of publishing 100,000 electronic points of sale and 200,000 free QR codes for merchants without fees or commissions.
