Scotland Times

Wednesday, Oct 16, 2024

CBE increases prepaid cards & mobile banking transactions limits by 100%

CBE increases prepaid cards & mobile banking transactions limits by 100%

The Central Bank of Egypt (CBE) increasing the limits on prepaid cards, mobile banking, and financial inclusion accounts by 100 percent.

For individuals, the CBE has doubled the daily limits for withdrawals, transfers, and purchases, raising them from LE 30,000 to LE 60,000. The monthly limits have also been increased from LE 100,000 to LE 200,000.

Licensed micro-enterprises have seen their daily transaction limits for financial inclusion accounts, prepaid cards, and mobile banking services rise from LE 40,000 to LE 80,000, with monthly limits increased from LE 200,000 to LE 400,000.

Additionally, unlicensed micro-enterprises, self-employed workers, and freelancers have received support from the CBE, with daily transaction limits increased from LE 30,000 to LE 60,000 and monthly limits raised from LE 100,000 to LE 200,000.

A report by the CBE earlier in April highlighted Egypt's significant progress in financial inclusion, with 42.3 million citizens, or 64.8 percent of eligible adults, using transactional accounts such as bank accounts, Egypt Post accounts, mobile wallets, and prepaid cards.

The report also noted a remarkable 147 percent growth rate in financial inclusion rates since 2016, reflecting the positive impact of the CBE's initiatives.

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