Bank / Credit Union

Egypt's central bank suspends fees until June 2021

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December 30, 2020

The Central Bank of Egypt will continue to suspend bank and ATM transaction fees that began with the pandemic until June 2021, including ATM cash withdrawals, fees on banking transactions in Egyptian pounds and cash and withdrawal fees for pension payment cards according to a report in Ahram

In addition, the bank is continuing to issue free-of-charge electronic portfolios and prepaid cards for individuals while cancelling fees and commissions on money transactions via mobile phone accounts.

The CBE has instructed banks to exempt private-sector vendors from fees and commissions for transactions conducted via non-contact payment instruments, and to allow them to use their accounts without the need to enter a password. The bank hopes to encourage vendors to increase their reliance on non-contact payment instruments and promote a tap and go culture.