Five banks launch electronic payment of mortgage installments

Five banks began on Sunday collecting mortgage payments electronically under the Central Bank of Egypt (CBE) and Mortgage Finance Fund’s initiative, according to the local press. The National Bank of Egypt, Banque Misr, Banque du Caire, CIB, and the Housing and Development Bank now allow borrowers with subsidized home loans to pay their installments through their mobile wallet or via ATM, eliminating the need to pay at the banks’ headquarters. The CBE is planning to expand the initiative to include 15 more banks and eight mortgage companies.