The Central Bank of Egypt (CBE) approves new regulations for mobile wallet services, including digital lending and saving services
The Central Bank of Egypt (CBE) approves new regulations for mobile wallet services, including digital lending and saving services.
Approved by CBE’s board of directors on Sunday, the third edition of regulations for mobile payment services represents a new trend in the banking sector, allowing the provision of lending and digital savings services through customers' mobile wallet in real time said CBE deputy governor Rami Aboul Naga.
The new regulations include allowing the ability to transfer funds directly between mobile wallets and bank accounts at various banks, which Aboul Naga notes will positively affect the rates of activity and use of the service.
This comes as a result of the continuous and fruitful cooperation between the Central Bank, the National Telecommunications Regulatory Authority and the Anti-Money Laundering and Combating Terrorism Financing Unit, he added.
The new package of rules is a quantum leap in the banking business, says deputy governor for banking operations and payment systems in CBE, Amani Shams ElDin.
It allows banks to rely on the behavioral evaluation of customers in granting loans (such as the rate of customer use of mobile phone and his regularity in paying bills Electricity, water and gas) as an alternative to traditional methods of assessing the creditworthiness of customers in approving the decision to grant instant credit, especially in the case of customers who do not have any credit history or previous dealings with the banking sector, she added.
There are 20 million mobile wallets in the country with a total value of transactions amounting to LE 100 billion in 2020, up by 300 percent from 2019, said Ehab Nasr, Assistant deputy Governor of CBE for Payment Systems and Business Technology.
