Egypt's central bank has issued Monday new governance and internal control instructions for payment institutions, alongside fitness and propriety criteria for key executives. The rules apply to payment system operators and payment service providers and are aimed at ensuring safe and efficient electronic payment services across the country. Institutions must comply within one year. The instructions set out clear duties and responsibilities for boards and senior management, require an effective internal control framework, and emphasise the independence of audit, compliance, and risk functions. They also include procedures for nominating and obtaining CBE approval for board members and executives, with criteria covering experience, integrity, credibility, and avoidance of conflicts of interest. The CBE noted that these measures follow its June 2025 licensing and registration rules, which mandated that existing payment institutions regularise their status and apply for licensing by June 2026. The central bank said the new guidance is intended to strengthen governance, protect consumers, and support the continued growth of Egypt's digital payments sector. Attribution: Amwal Al Ghad English
