The Central Bank of Egypt (CBE) has set a daily maximum limit for cash withdrawals or deposits at ATM machines, which the customer may not exceed.
This comes as a motivation for citizens in their daily transactions to use e-payments at merchant outlets, in addition to paying their bills through the smart wallet.
The Central Bank announced earlier that the maximum limit for the customer in depositing or withdrawing cash from ATMs should not exceed LE 20,000 per day.
At the same time, the CBE set no daily limit on purchases using e-payment, aiming to achieve financial inclusion in purchases, as it said.
On Thursday, the CBE extended a decision compelling banks to stop deducting expenses on withdrawals or inquire about the balance from ATMs until the end of June 2022, as part of the precautionary decisions taken by the bank to address the coronavirus crisis. Banks will bear the prescribed fees and commissions set on e-payment cards it issues.
The decision also included canceling all expenses for bank transfer services in Egyptian pounds, and issuing e-wallets for free.
The Central Bank has also decided to cancel all commissions and fees for transfers between mobile phone accounts and transfers between any mobile phone account and any bank account.