For companies and micro-establishments (category A), the limit for daily withdrawals and transfers are now LE 40,000 with monthly limits of LE 200,000
Mobile wallet transfers are getting a boost as the Central Bank of Egypt (CBE) raises mobile payment and transfer limitations in a release late last night.
Limits for withdrawing and transferring money via mobile has jumped to a daily limit of LE 30,000 compared to the previous LE 6000 for individuals, a 400 percent increase, with monthly limits seeing a 100 percent climb going from LE 50,000 to LE 100,000.
For companies and micro-establishments (category A), the limit for daily withdrawals and transfers are now LE 40,000 with monthly limits of LE 200,000.
Category A businesses are those that are able to be verified through a headquarters, legal documents and other methods of verification, as well as own a mobile phone account with the bank or one of its service providers in accordance with the due diligence procedures.
Related > CBE’s newest mobile wallet regulations open up mobile wallet-bank transfers
Category B businesses are those without the previously mentioned methods of verification, the CBE cited examples of plumbers and electricians.
Category B’s mobile limits are the same as for individuals, with LE 30,000 per day and LE 100,000 monthly.
On Tuesday, Ehab Nasr, Assistant deputy Governor of CBE for Payment Systems and Business Technology said that 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.
