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Monday, 20 November 2017

CBE eases caps on withdrawals, deposits via mobile cash transfer services

The CBE has reportedly approved raising caps on cash withdrawals and deposits via mobile cash transfer services, Vodafone Egypt Sales Director Karim Shehata announced in a press conference on Sunday, according to Al Mal. The daily transaction limit was raised to EGP 10,000 from EGP 5,000, while the monthly limit was raised to EGP 50,000, according to Egypt Today. The move, part of the CBE’s drive to increase mobile banking and electronic payments systems, will help expand services such as Vodafone Cash, whose clients now number 3 mn users, said Shehata. The announcement came at the signing of an agreement between Vodafone Cash and the Bank of Alexandria to facilitate online payments through the service. So far as we can tell, the Central Bank of Egypt has yet to confirm the news.

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