Egypt's central bank adopts rules governing services of instant payments network
The Board of Directors of the Central Bank of Egypt (CBE) approved the rules governing the services of the instantaneous payment network within the state.
The network of instant payment services is one of the most important means that contribute to enabling a large number of citizens to access banking services efficiently and effectively, by providing instant money transfers at any time and from anywhere, thus expanding the use of banking means and channels, and enhancing financial inclusion.
“The rules that have been adopted come within the framework of the Central Bank’s keenness to keep pace with the development and application of the latest developments in digital payment services globally with the aim of facilitating citizens and encouraging them to continue using electronic payment methods and channels, in a way that supports the state and the central bank’s tendency to transform into a society less dependent on banknotes, as customers will be able, through the new network, to complete transfers within a few seconds, on weekdays and during official holidays, using various electronic payment tools issued by Egyptian banks,” Deputy Governor of the CBE, Ramy Abul-Naga, commented.
For her part, Senior Deputy Governor of the Central Bank for Banking Operations and Payment Systems, Amany Shams El-Din stated that the rules adopted by the Central Bank for the new network represent an important step on the road to providing the appropriate infrastructure for payment services and systems throughout the country.
She explained that the service will allow the approved mobile phone applications to provide payment services to the instant payments network and provide instant transfer services through it in a way that supports the improvement of the financial services provided and contributes to creating new competitive opportunities that will attract new customers to the banking sector and provide banking services in an advanced manner while ensuring the complete security of all transactions.
The new rules adopted by the bank's board of directors are a qualitative leap in the banking rules for electronic transactions, as it is the first application of its kind for the rules of open application programming interface (Open APIs) to manage bank accounts in real time, Deputy Governor of the Central Bank's Assistant Governor for Banking Operations and Payment Systems, Ehab Nasr stated.
Nasr added that the new network, which is expected to be launched in the current quarter of this year, will allow instant transfer in terms of the customer’s mobile phone number or instant payment address.
It will also enable customers to manage all their bank accounts and complete transfers with any bank through a single application, which will contribute to providing new financial services that would revitalize the national economy and reduce dependence on the use of banknotes, he added.
The issuance of the rules regulating instant payments network services comes within the framework of the Central Bank's plan to strengthen the financial infrastructure of the banking sector and contribute to the transition to a society less dependent on banknotes.