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Monday, 26 November 2018

CBE to provide mobile lending services in 1H2019

Central bank to allow mobile lending in 1H2019 –report: The CBE allow mobile lending as early as 1H2019 as part of the country’s financial inclusion drive and bid to reduce the role of cash in the economy, sources from mobile network operators Vodafone, Orange and Etisalat told Al Mal. Mobile lending take place through e-wallets and be subject to a “cap of EGP 500,” the newspaper reports, without specifying whether that cap is per transaction or per borrower at any one time. CBE Sub-Governor for Payment Systems and Business Technology Ayman Hussein said in September that the bank was looking at introducing nano lending — providing mobile-based cash loans — as part of the third phase of its mobile banking strategy. He had said that iScore would be required to provide credit ratings for users for the system to work. The initiative looks set to have iScore assign credit ratings based on mobile phone and electricity bills and other indicators of creditworthiness even if the individual isn’t officially part of the banking system.

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