The Central Bank of Egypt (CBE) announced new licensing and registration rules for payment systems operators and payment service providers in line with Law No. 194 of 2020 governing the CBE and the banking sector, as per a release from the Cabinet on Thursday. The new regulations aim to keep pace with rapid developments in electronic payments and ensure safe, efficient financial services across Egypt. They cover licensing conditions and procedures for payment institutions operating inside or outside Egypt that offer payment services to customers within the country. The rules cover all payment activities, such as deposits, withdrawals, transactions, transfers, issuance of payment instruments, electronic channels, Egyptian pound remittance, payment order creation, and account information services. The guidelines specify requirements for obtaining prior approval and licensing, necessary documentation, minimum capital thresholds, license amendment rules, financial guarantees, and fees for inspection, supervision, and licensing. A 12-month transitional period has been granted to existing payment institutions from the issuance date of the rules. During this time, these institutions must apply for licensing from the CBE, while being permitted to continue their activities until the Central Bank Board issues decisions on their compliance. The regulations also address licensing conditions for payment institutions based outside Egypt that provide services to customers within the country. These foreign entities must hold licenses from their home country's relevant supervisory authority, with specified provisions governing their operations in Egypt. Attribution: Amwal Al Ghad English Subediting: M. S. Salama
