In its third version of the mobile payment regulations, the CBE set EGP 5,000 as a maximum amount for individual clients to borrow via mobile phone wallets.
The CBE also put a maximum limit ranging between EGP 10,000 and EGP 15,000 for obtaining credit facilities by companies, micro-enterprises, self-employed and craftsmen.
The bank also raised the daily withdrawal and transfer limits through mobile phone wallets to EGP 30,000 for companies and facilities, up from EGP 6,000, and increased the daily limit for individuals to EGP 100,000, up from EGP 50,000.
According to the mobile payment regulations, all banks are obliged to place appropriate maximum limits for the balance of clients' accounts via mobile phone in light of their assessment of the risks associated with money laundering and terrorist financing, as well as any other risks related to the service.
The CBE issued rules for digital saving service through mobile phone wallets. It can be used only by individual clients and micro-enterprises.
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