CBE Extends Fees Waivers On Banking Services

Giving More to Your Wealth
24 Jun 2021

The CBE (Central Bank of Egypt) has decided to extend the current waivers on fees for some banking activities until the end of this year. The measures include waivers on the fees and commissions for EGP-denominated bank and mobile transfers, ATM withdrawal fees, and fees for the issuance of electronic wallets and contactless cards. They also include waiving fees for the activation of e-commerce electronic payment collection operations, including monthly fees and fees for obtaining additional services.

These waivers were implemented earlier in an effort to limit the negative impact of the Covid pandemic on the economy. They were also aimed at encouraging bank customers to avoid entering banks in-person to prevent the spread of Covid through social distancing. By waiving the fees, customers have an incentive to perform some of their banking activities digitally or through ATMs. This also simultaneously serves the purpose of speeding along the government’s push towards digitization, financial inclusion, and decreasing dependence on physical banknotes. (Source: Zawya (English), al-Ahram (English), Egypt Today (English), al-Maal, Amwal al-Ghad, al-Ahram)

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