For individuals, the daily limits for withdrawals, transfers, and purchases have been raised from EGP 30,000 to EGP 60,000
The Central Bank of Egypt (CBE) increased the maximum daily and monthly limits of financial inclusion accounts, prepaid cards, and mobile payment services by 100%, this includes withdrawals, transfers, debit transactions, and purchases.
For individuals, the daily limits for withdrawals, transfers, and purchases have been raised from EGP 30,000 to EGP 60,000. Similarly, the monthly limits have been increased from EGP 100,000 to EGP 200,000.
Licensed micro-enterprises will also benefit from the CBE's revised limits. Daily limits for financial inclusion accounts, prepaid cards, and mobile banking transactions have been raised from EGP 40,000 to EGP 80,000. Additionally, the monthly limits have been increased from EGP 200,000 to EGP 400,000.
In addition to these changes, the CBE has also implemented increased limits for unlicensed micro-enterprises, self-employed workers, and freelancers. Daily transaction limits for this category have been raised from EGP 30,000 to EGP 60,000. Furthermore, the monthly limits have been increased from EGP 100,000 to EGP 200,000.
The new regulations aim to facilitate financial operations, cashless transactions and promote economic growth and financial inclusion.
Earlier in April, The Central Bank of Egypt (CBE) released a report that outlines that Egypt has 42.3 million citizens who own and use transactional accounts, representing 64.8% of the total 65.4 million eligible adults. Transactional accounts include bank accounts, Egypt Post accounts, mobile wallets, and prepaid cards.
The indicators in the CBE report showed an increase in financial inclusion rates reflecting a growth rate of 147% since 2016.
