Cairo – Mubasher: The board of directors of the Central Bank of Egypt (CBE) approved new regulations, allowing access to loan and saving services in real-time through mobile wallets.
The regulations allow the transfer of funds between mobile wallets and bank accounts, the CBE’s Deputy Governor, Ramy Aboul Naga, said in a statement on Monday.
Banks will rely on behavioural evaluations to determine the creditworthiness of mobile wallet users.
There are 20 million mobile wallets in the country with a total value of transactions amounting to EGP 100 billion in 2020, up by 300% from 2019, said Ehab Nasr, Assistant Sub Governor of CBE for Payment Systems and Business Technology.
