In a bid to achieve digital transformation and financial inclusion and as part of the strategy put in place by the National Payments Council, headed by President Abdel Fattah Al-Sisi, the Board of Directors at the Central Bank of Egypt (CBE) has approved the third edition of the rules for mobile phone wallet payment services.
The CBE has also given its approval to the rules for providing loan and digital savings services through the mobile phone wallet.
Rami Aboul Naga, Deputy Governor at the CBE, said “The new package of rules represents a new trend in the banking sector. It allows the provision of lending and digital savings services through customers’ mobile phone wallets in real-time, as well as allowing full interoperability for transferring money between mobile phone wallet accounts.”
The various banking services will positively affect the rates of activity and use, as a result of the continuous and fruitful cooperation between the CBE, the National Telecom Regulatory Authority (NTRA), and the Egyptian Money Laundering and Terrorism Financing Unit.
CBE Sub-Governor Amany Shams-Eldin said that the new package of rules is a quantum leap in the banking business, as it allows banks to rely on the behavioural evaluation of customers in granting loans.This includes taking into account the customer’s use of mobile phones, and the regularity in paying electricity and water bills as an alternative to traditional methods of assessing the creditworthiness of customers in approving the decision to grant instant credit.
This is particularly relevant for customers who do not have any credit history or previous dealings with the banking sector. It is set to have a significant impact on increasing the number of beneficiaries from obtaining banking credit services easily and conveniently.