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New Egyptian businesses don’t have to pay fees: Amazon Payment Services

This move supports Central Bank of Egypt’s (CBE) recent initiative launched to accelerate local businesses’ transition to digital payments

By: Business Today Egypt

Tue, Apr. 13, 2021

Amazon’s payment processing service, Amazon Payment Services, has announced it will waive all fees for new businesses looking to use it digital payment services in Egypt.

Account setup and maintenance fees for micro, small and medium enterprises (MSMEs) will be waived throughout Ramadan and until the end of June 2021.

This move supports Central Bank of Egypt’s (CBE) recent initiative launched to accelerate local businesses’ transition to digital payments, Amazon's payments processing unit said in a statement on Tuesday.

Amazon Payment Services implemented the policy in tandem with its partner banks in Egypt, Commercial International Bank (CIB) and Banque Misr, as well as Robusta and zVendo.

“We are pleased to be supporting the CBE’s drive to help Egyptian businesses digitize and scale online,” said Omar Soudodi, managing director of Amazon Payment Services.

“At a time when many small businesses are facing unprecedented challenges in the face of COVID-19’s restrictions and social distancing measures, the importance of building their online presence has never been greater,” he added.