The Central Bank of Egypt’s (CBE) board of directors approved the regulations governing the instant payment network (IPN) services in Egypt as part of its efforts towards reducing the usage of cash in the economy.
Under the regulations, banks are required to complete all tests related to their IPN within a period not exceeding six months and activate their transfer services for the IPN using internet banking and mobile banking services within a year, according to a statement on Sunday.
These rules are defining the framework for banks and mobile payment service providers in relation to the IPN which will allow instant payments through electronic payment methods.
The CBE said that the maximum limit of a single transaction amounts to EGP 50,000, while the maximum limits of daily and monthly transactions are EGP 60,000 and EGP 200,000, respectively.
