Egypt’s Central Bank extends cancellation of ATM cash withdrawal fees

CAIRO – 16 September 2020: The Central Bank of Egypt announced extending a cancellation of cash withdrawal fees from ATMs until December 31, as part of measures to facilitate the transactions of customers of different banks.

The Central Bank in a Tuesday statement said that such decisions come to ensure that banks are carrying out various activities to meet the demands of customers, especially in light of the current circumstances, taking into account the protection of customers and cadres of the banking sector due to coronavirus by reducing direct dealings as much as possible.

It added that these decisions are also aimed at preserving the gains made in the past period in terms of the increasing demand for the use of electronic payment methods and channels, in line with the vision and objectives of the Central Bank.

In March, a source told state’s news agency MENA that the CBE will bear ATM cash withdrawal fees for pensioners on behalf of the Social Solidarity Ministry for six months as part of efforts to contain the repercussions of coronavirus outbreak.

The source that the move comes in coordination between the bank and the Social Solidarity Ministry as a precautionary measure against coronavirus outbreak.

It also aims at preserving the safety of pensioners who are holding pension cards not issued from banks, he said.

Six million pensioners will benefit from the CBE decision, the source added.

The other 2 million pensioners, who are holding banking pension cards, are already exempted from ATM fees according to an earlier decision by the central bank.