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Egypt approves instant payment regulations

Monday 8 November 2021 11:59 CET | News

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

A new network, to be launched by the end of 2021, would also allow customers to manage all their bank accounts and complete transfers with any bank through a single application, the bank’s statement said.

Customers will be able through the new network to complete fast transfers, on weekdays and during official holidays using various electronic payment tools issued by Egyptian banks, as representatives of the central bank said in the statement.

Egypt over the last two years has introduced a series of new legislation and regulatory changes designed to help fintech investments and change the way the country’s largely unbanked citizens do business.

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Keywords: central bank, regulation, instant payments, mobile banking, mobile payments
Categories: Banking & Fintech
Companies:
Countries: Egypt
This article is part of category

Banking & Fintech