- The Central Bank of Egypt (CBE) introduced licensing and registration rules for domestic and foreign payment service providers targeting users in Egypt.
- Existing payment institutions have a 12-month transitional period to obtain licensing.
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The framework outlines capital requirements, licensing conditions, and compliance procedures for all payment-related services.
The Central Bank of Egypt (CBE) has officially issued licensing and registration rules for payment system operators and payment service providers, in accordance with Law No. 194 of 2020 governing the banking and financial sector.
The new framework applies to institutions based inside or outside Egypt that provide payment services or operate payment systems for clients within the country.
Covered activities include:
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Deposits and withdrawals from payment accounts
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Payment transactions and money transfers
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Issuing payment instruments and electronic acceptance channels
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Sending and disbursing EGP-based remittances
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Payment initiation and account information services
The regulations define the procedures and required documentation for obtaining a license, including:
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Minimum capital requirements
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Conditions for license amendments
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Financial guarantees
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Fees for inspection, supervision, and compliance
The CBE granted a 12-month grace period for existing payment providers to submit license applications and continue operating pending a final decision on their compliance status by the CBE Board of Directors.
Additionally, the rules cover licensing criteria for foreign institutions operating payment services within Egypt. These providers must be licensed by a supervisory authority in their home country, and their operations in Egypt must adhere to defined regulatory conditions.
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