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Egyptian CBE launches web portal for managing mobile phone wallets

The headquarters of the Central Bank is seen in downtown Cairo, Egypt. Reuters

Through this online portal, customers can check any of their e-wallets using their mobile phone number or cancel their subscription for free without having to visit the service provider’s offices, according to the ECB .

CBE Deputy Governor Rami Abul-Naga said the move is in line with the state’s strategy to promote financial inclusion and shift to a less cash-dependent digital economy.

Abul-Naga also noted that the online portal is a new addition to the Egyptian national payment system Meeza which is operated by the Egyptian Banking Corporation, adding that it will have a positive impact on the mobile phone as a service market. of payment as well as on digital payments in general.

Ehab Nasr, CBE Deputy Deputy Governor for Payments Systems and Enterprise Technology Sector, said mobile wallet services have improved significantly.

Mobile phone wallet accounts grew by 27% in 2021 to record 25 million wallets compared to 2020, according to Nasr.

Nasr also said that 227 million transactions were made via these digital payment instruments in 2021, growing by around 100% compared to 2020, with a total value of EGP 233 billion, representing a growth of 160%. compared to 2020.

In April 2021, the ECB approved new regulations for mobile wallet services, including real-time digital lending and savings services, allowing the transfer of funds directly between mobile wallets and bank accounts of various banks. .

In September of the same year, the CBE began issuing licenses for contactless mobile payments, allowing customers to use their cards to pay retailers via vendors’ or merchants’ mobile phones or other smart devices, that would be used as an electronic point of sale. vending machines.

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