The Central Bank of Egypt (CBE) has recently issued an update to the supervisory framework for payment systems and services, aiming to bolster transparency and efficiency.
The update outlines the CBE’s supervisory objectives and the necessary criteria for obtaining licences and approvals for operating payment systems or services.
Entities, both local and international, must meet stringent requirements, including minimum capital and risk management standards, to ensure the national payment system’s safety and security. Banks, however, only need the CBE’s approval before offering such services, provided they comply with existing regulations.
This move is part of the CBE’s ongoing efforts to safeguard the integrity of Egypt’s financial infrastructure and align with Payment System Law No. 194 of 2020. The CBE retains the authority to modify or reject changes to licences if they compromise system safety or efficiency.
