It has also extended the suspension of activation fees on electronic collection operations for e-commerce activity, including monthly fees and fees for obtaining additional services
The Central Bank of Egypt will be extending its COVID-19 pandemic measures until the end of 2021, stretching from ATM to ecommerce fees.
The measures, which have been in effect since March 2020, were adopted by the CBE as preventive and pro-active procedures to protect the economy against the harsh effects of the pandemic.
Measures also included cutting the key interest rates by an unprecedented four percent (400 bps).
These were also made to preserve Egypt’s gains from its economic reform program and to maintain the country’s banking system’s stability, according to the CBE.
According to the CBE, the extension includes the continuation of the waiver of fees and commissions on EGP-denominated bank transfers, mobile transfers, and ATM withdrawals.
The waived fees and commissions on pension card withdrawals from ATMs will be accepted by the CBE at a value of EGP 60 million to EGP 70 million during the period.
Consumers can continues to open electronic portfolios for free, with the CBE suspending fees and commissions on transfer operations either between mobile phone wallets or from a mobile phone wallet to a banking account, and allowing contactless prepaid cards issued for free.
It has also extended the suspension of activation fees on electronic collection operations for e-commerce activity, including monthly fees and fees for obtaining additional services.
These allow companies to reduce their financial worries by exempting them from expenses required to activate services.
This comes within the framework of implementing the strategy of the National Payments Council headed by President Abdel Fattah El-Sisi, President of the Republic, and a continuation of the CBE’s preventive efforts as it aims to revitalize and protect the national economy and preserve the gains of economic reform and stability of the banking sector.