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

CAIRO - 23 December 2021: The Central Bank of Egypt announced Thursday a cancellation of cash withdrawal fees from ATMs until June 30, as part of measures to facilitate the customer transactions from different banks.

The CBE said in a statement, Thursday, that this comes as part of the National Payments Council's strategy and within its measures to face the pandemic's repercussions and preserve the economic reform program's gains, as well as stabilize the banking sector.

The extended measures include exempting clients from all fees and commissions on banking transfers that are carried out using the Egyptian pound, opening electronic portfolios for free, suspending fees and commissions on transfer operations either between mobile phone wallets or from a mobile phone wallet to a banking account.

According to the CBE, They also include suspending fees and commissions on cash withdrawals, as well as issuing contactless prepaid cards for free.

It has also extended the suspension of fees on electronic collection operations for e-commerce activity, including monthly fees and fees for obtaining additional services.

The CBE and the banking sector has born around LE 9 billion since the start of the coronavirus to levitate the repercussions of the pandemic on the citizens.