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Thursday, 25 February 2021

National Bank of Egypt scraps e-commerce fees for SMEs

MSMEs are getting a moratorium on all fees to process e-commerce payments from the National Bank of Egypt through the end of June 2021, the bank said in a statement (pdf) yesterday. The bank is scrapping all activation, monthly, and additional service fees for e-commerce payments, as part of the Central Bank of Egypt’s (CBE) push to boost electronic payment collection services and encourage MSMEs to join the formal economy. As part of its 2019 financial inclusion strategy, which outlines SME support as one of its key pillars, the CBE has also been working to make bank financing more accessible to MSMEs. Under new CBE regulations issued earlier this week, banks are now required to allot a larger percentage of their lending portfolios to MSMEs.

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