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Thursday, 25 October 2018

CBE to soon issue guidelines for e-payments firms looking at limited banking services

The CBE will issue in days guidelines for electronic payment companies looking to carry out electronic banking services as part of the country’s financial inclusion campaign, an unnamed CBE official told Al Mal. The guidelines will require interested companies to request a license from the CBE as Fawry Plus has already done, the source said. The service is expected to have withdrawal and deposit limits due to the risk involved, which is similar to that of smart wallet services. The move is part of a series of initiatives and regulatory measures the CBE wants to adopt to expand mobile banking services, such as forcing mobile network operators to make records of bill payments on customer accounts available to state-backed credit rating agency iScore.

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