CBE approves raising mobile cash transfer limit in Egypt

The Central Bank of Egypt approved increasing caps on cash withdrawals and depositing under mobile-phone cash transfer services, head of marketing department at Vodafone Egypt Karim Shehata announced Sunday. 

Shehata said in a statement to local media that the limit is now LE 50,000 per month and LE 10,000 per the daily transaction. 

In 2013, a new service was introduced into the market to allow mobile-phone users to execute money transfer and payment transactions via mobile through banking channels. 

The service allows participants to transfer money through mobile-phones to other clients participating at the service, in addition to the possibility of raising their credits or making withdrawals through banking branches. 

This service has marked a new phase for financial services in Egypt as it introduced secure solutions for money transfer.