Egypt's central bank will require lenders to file detailed quarterly reports on newly created banking points of presence (PoPs) as part of its drive to expand financial inclusion. Under the reporting rules, banks must disclose the number and location of the mobile and fixed branches as well as temporary pop-ups they operate, along with data on transactions, beneficiaries, customer complaints and any service outages, the Central Bank of Egypt (CBE) said in a Sept. 1 circular. The measures follow yesterday's approval of new regulations permitting lenders to set up low-cost PoPs beyond traditional branches. Banks are also obliged to notify the central bank before opening or closing a unit and to maintain internal risk management procedures. The quarterly reports are expected to help track the impact of the new system on individuals and small businesses in underserved communities. Attribution: Amwal Al Ghad English Download
