CBE increases prepaid cards & mobile banking transactions limits by 100%

CAIRO – 15 November 2023: The Central Bank of Egypt (CBE) raised the limits on prepaid cards, mobile banking, and financial inclusion accounts by 100 percent.

For individuals, the CBE has doubled the daily limits for withdrawals, transfers, and purchases, increasing them from LE 30,000 to LE 60,000. Similarly, the monthly limits have been raised from LE 100,000 to LE 200,000.

For licensed micro-enterprises, daily transaction limits for financial inclusion accounts, prepaid cards, and mobile banking services have been raised from LE 40,000 to LE 80,000. Additionally, the monthly limits have been increased from LE 200,000 to LE 400,000.

The CBE has extended its support to unlicensed micro-enterprises, self-employed workers, and freelancers as well. Daily transaction limits for this category have been increased from LE 30,000 to LE 60,000, while the monthly limits have been raised from LE 100,000 to LE 200,000

In a report released by the CBE earlier in April, it was revealed that Egypt has made significant progress in terms of financial inclusion.

The report highlighted that 42.3 million citizens, accounting for 64.8 percent of eligible adults, own and use transactional accounts, including bank accounts, Egypt Post accounts, mobile wallets, and prepaid cards. The report also indicated a remarkable growth rate of 147 percent in financial inclusion rates since 2016, underscoring the positive impact of the CBE's initiatives.