New regs aim to make mobile, card payments easier

The Central Bank of Egypt has issued regulations (pdf) for the new interoperability system designed to boost financial inclusion and increase access to financial services. The system will allow the public to use all payment cards and mobile wallets to withdraw, deposit and transfer EGP, regardless of the network operator or the bank. Banks will need to comply with the rules within the 12 months.

Background: The CBE approved the rules last month in a bid to maximize the use of infrastructure for payment service providers and boost e-payments.