Egypt’s central bank accepts contactless payments via mobile phones

Egypt’s central bank said on Sunday it has approved the granting of licences to enable merchants to accept contactless payments from their customers’ mobile phones.

It did not say in its statement how soon the new system would be in place or who would be eligible to receive the licences.

Egypt is witnessing new legislation and regulatory changes in Egypt to help it unleash a surge in new fintech investments and change the way the country’s largely unbanked citizens do business.