The Central Bank of Egypt (CBE) announced the presentation of a package of facilities to urge clients to use mobile phone portfolios in conducting financial transactions.
The most prominent facilitations that the bank started in the Fentek Egypt Report were a reduction in the number of documents required to verify the identity of the customer (as evidence of identity only, to open an account).
The facilities also included the reduction of the data required to make local transfers using mobile phones, as well as the possibility of updating client data and updates electronically, and allowing certain categories of service providers to take due care of customers according to a set of requirements, as bank agents.
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This comes within the framework of the Central Bank of Egypt (CBE) interest in and use of financial services, which target new sectors and geographical areas that are deprived of services. These sectors are marginalized whether they are small institutions or individuals with a view to achieving financial inclusion.
In November 2016, the Central Bank of Egypt issued the new version of the regulations governing mobile telephone payment services. The Anti-Money Laundering and Terrorist Financing Unit also issued the “Due Diligence Procedures for Mobile Phone Payment Services Customers”. This integrated set of rules and procedures represents a positive step towards expanding the use of mobile payment services.
