Egypt: The Central Bank issued due diligence procedures towards customers that make payments by mobile phone services

On November 29th, 2016, the Board of the Central Bank of Egypt adopted updated the procedures concerning payments through mobile phone services, launching the new bank supervision instructions as part of

the framework of their permanent protection. The measure nominates the method of electronic payment as a way of shifting the economy to a lower dependency on cash. The payment service through mobile phone is the most capable financial service to achieve financial inclusion in light of the widespread use of mobile phones. For more details about this news in Arabic, please click here.