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10:31 pm
Monday 28 December 2020
I wrote – Manal Al-Masry:
Egypt’s Central Bank said in a statement Monday that it is in the framework of the implementation of the strategy of the National Payments Council headed by President Abdel Fattah El-Sisi and as a continuation of the proactive efforts of the Central Bank of Egypt. Egypt to face the repercussions of the Corona pandemic, and within the framework of its desire to revitalize and protect the national economy and preserve the stability of the economic reform and the stability of the sector. The banker, the Board of Directors of the Central Bank of Egypt decided to extend the validity of some of the decisions taken previously to face the pandemic for a new period of 6 months, from January 1 to June 30, 2021.
The statement indicated that the decisions that have been extended for the new period include continuing to exempt clients from all expenses and fees for bank transfer services in Egyptian pounds, issuing electronic wallets for free, including the creation of virtual cards (VCN ) from the wallet and cancel all commissions and fees related to transfers between phone accounts. Mobile and transfers between any mobile phone account and any bank account, as well as the issuance of prepaid cards to citizens for free, provided that these cards are “contactless” as soon as the bank begins to issue this type of card, and fees and commissions for cash withdrawals are canceled, provided the bank assumes responsibility. The card issuer has such fees and commissions, which do not include credit card refunds.
Rami Abul-Naga, deputy governor of the Central Bank, said that the decisions that have been extended are part of the Central Bank’s eagerness to ensure the continuity of the work of the banks in light of the continuous monitoring of the banking sector and provide more facilitation to the citizens and encourage them to continue adopting electronic means and payment channels, in support of the trend. The state is the central bank to transform itself into a society less dependent on banknotes.
Amani Shams El Din, Deputy Governor of the Banking Operations and Payment Systems Sector of the Central Bank, said that the decisions that have been extended from January 1 to June 30, 2021 also include continuing to cancel the fees and commissions for cash withdrawals for pension exchange cards, and the central bank bears the cash withdrawal expenses for pension exchange cards. Of the ATMs, whose approximate value ranges from 40 million to 60 million pounds during the mentioned period, in addition to what was incurred in the previous period of a cost of approximately 90 million pounds.
The decisions that have been extended for the new period also included forcing banks that obtained an electronic acceptance license to cancel all fees and commissions incurred by private sector merchants in operations that are carried out using contactless payment instruments issued by banks. that operate in Egypt without entering the password, with the commitment of the issuing bank of the payment instrument. Contactless refund of interchange fees to the receiving bank during the mentioned period, in order to incentivize merchants and companies to activate contactless payments that achieve social distancing for the value of small transactions not exceeding 600 pounds.
The Central Bank of Egypt affirmed that it will continue to closely monitor all developments at the global and local level, to intervene immediately by taking appropriate measures to protect the national economy, stimulate the market, and maintain banking and monetary stability.
