Egypt’s Central Bank Approves Instant Payment Regulations

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

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

Central Bank Deputy Governor, Rami Aboul Naga said in a statement on Monday, that “Customers will be able through the new network to complete transfers within a few seconds, on weekdays and during official holidays using various electronic payment tools issued by Egyptian banks,”.

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

Your Friends Also Read:  Zimbabwe Pegs Civil Servants Retirement Age at 65

A Co-founder of Egyptian lending and payments start-up MNT-Halan, Ahmed Mohsen said, payments firms, which in Egypt work in association with banks, also stand to benefit greatly from the new regulations. “It is a real game-changer,” he said.

He said that the change will allow a whole new series of functions, including money transfers with an IPN (instant payment network) or phone number, and the topping up of prepaid cards and electronic wallets.

“Right now you cannot do peer-to-peer transfers across cards, (and) I need to do an ACH (automated clearing house) to move money from one bank account to another, and that would need all your banking details,” Mohsen said. “And I cannot top up my prepaid card using my bank account.”

Your Friends Also Read:  “Resign Now!” Akeredolu, Ezekweseli Call for  Emefiele's Immediate Resignation

All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from News Central TV.



Leave a Reply

Previous Article

D.R. Congo: Thousands Flee as Rebels Attack Eastern Base

Next Article
Angry Tunisian Protesters Set Police Station Ablaze in Southern Tunisia (News Central TV )

Angry Tunisian Protesters Set Police Station Ablaze in Southern Tunisia

Related Posts
Powered by Live Score & Live Score App