Exemption from fees and commissions for cash withdrawals from ATM machines...

Exemption from fees and commissions for cash withdrawals from ATM machines...
Exemption from fees and commissions for cash withdrawals from ATM machines...
In the context of implementing the strategy of the National Payments Council headed by President Abdel Fattah El-Sisi and in continuation of the proactive efforts of the Central Bank of Egypt in facing the repercussions of the “Corona” pandemic, and in its keenness to revitalize and protect the national economy and preserve the gains of economic reform and stability of the banking sector, the Board of Directors of the Central Bank of Egypt decided to extend Some of the decisions previously taken to confront the pandemic will take effect for a new period of 6 months, from January 1 to June 30, 2022.

The decisions that have been extended for the new period include continuing to exempt customers from all expenses and commissions related to bank transfer services in the Egyptian pound, issuing e-wallets for free, and exempting citizens from all commissions and fees for transfers between mobile phone accounts and transfers between any mobile phone account and any bank account As well as issuing prepaid cards to citizens for free, provided that these cards are “contactless” when the bank starts issuing this type of cards, and exempting citizens from all fees and commissions for cash withdrawal operations, provided that the issuing bank bears those fees and commissions, and does not include It returns credit cards.

It should be noted that the Central Bank and the banking sector have incurred nearly 9 billion pounds during the last period since the beginning of the pandemic to relieve citizens, and that the decisions that have been extended come within the framework of the Central Bank’s keenness to ensure the continuity of banks business in light of the continuous follow-up to the banking sector and to provide more Facilitating citizens and encouraging them to continue to use electronic payment methods and channels, in a way that supports the state’s central bank direction to transform into a society less dependent on banknotes.

The decisions that have been extended include “continuing to exempt citizens from all fees and commissions related to cash withdrawal operations for pension exchange cards, and the Central Bank bears the cash withdrawal expenses for pension exchange cards from ATMs, which are estimated at an approximate value of 60 million pounds during the aforementioned period” and increasing withdrawal limits. From other bank machines for all cards to 4000 pounds instead of 2000 pounds only.

The decisions also include the continuation and exemption of merchants from all fees for activating electronic collection services via the Internet (E-Commerce) in order to reduce the financial burdens on companies by exempting them from the expenses that were required from them to activate the electronic collection service via the Internet, such as (the fees that are paid once to activate the service The monthly service expenses, and additional services expenses. This exemption resulted during the previous period, increasing the number of e-commerce companies by nearly 100% of the number of new companies activated for the service.

The Central Bank of Egypt confirms that it will continue to follow closely all developments on the global and local arenas, to intervene immediately by taking appropriate measures to protect the national economy, revitalize the market, and maintain banking and monetary stability.

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