{"id":561753,"date":"2021-04-20T04:10:56","date_gmt":"2021-04-20T04:10:56","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/04\/20\/mobile-wallet-users-can-now-borrow-deposit-under-new-regs\/"},"modified":"2021-04-20T04:10:56","modified_gmt":"2021-04-20T04:10:56","slug":"mobile-wallet-users-can-now-borrow-deposit-under-new-regs","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/04\/20\/mobile-wallet-users-can-now-borrow-deposit-under-new-regs\/","title":{"rendered":"Mobile wallet users can now borrow + deposit under new regs"},"content":{"rendered":"

<\/a> Mobile wallet users will soon be able to access loan and saving services in real time<\/strong> under new regulations (pdf)<\/a> the Central Bank of Egypt (CBE) issued yesterday. The regs also clear the way for interoperability between mobile wallets and bank accounts, allowing funds to be transferred between them.<\/p>\n

Creditworthiness for mobile wallet users will also be determined based on \u201cbehavioral evaluations,\u201d<\/strong> including whether or not they keep up with utility bill payments, according to the CBE statement. The new mechanism is designed for borrowers who don\u2019t have credit histories or any prior records with the traditional banking system. State-backed credit rating agency iScore is currently working on setting up this new evaluation mechanism, the CBE said.<\/p>\n

The new regs come as the number of mobile wallets in Egypt is growing:<\/strong> The country currently has north of 20 mn wallets, with the value of transactions on these wallets growing a whopping 300% in 2020 to EGP 100 bn, according to the statement. Between March and October last year, the number of wallets jumped at least 17% to 14.4 mn<\/a> thanks to covid-19.<\/p>\n","protected":false},"excerpt":{"rendered":"

Mobile wallet users will soon be able to access loan and saving services in real time under new regulations (pdf) the Central Bank of Egypt (CBE) issued yesterday. The regs also clear the way for interoperability between mobile wallets and bank accounts, allowing funds to be transferred between them. Creditworthiness for mobile wallet users will […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8614],"tags":[7106,72,183,871],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-561753","post","type-post","status-publish","format-standard","hentry","category-regulation-watch","tag-debt","tag-enterpriseam","tag-fintech","tag-regulation-watch","wpautop","entry"],"acf":{"mongo_id":"b0254dc7-6a94-44d1-bea5-2b2d784e4dce","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[561747],"teaser":"","voice_url":""},"yoast_head":"\nMobile wallet users can now borrow + deposit under new regs - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2021\/04\/20\/mobile-wallet-users-can-now-borrow-deposit-under-new-regs\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Mobile wallet users can now borrow + deposit under new regs\" \/>\n<meta property=\"og:description\" content=\"Mobile wallet users will soon be able to access loan and saving services in real time under new regulations (pdf) the Central Bank of Egypt (CBE) issued yesterday. The regs also clear the way for interoperability between mobile wallets and bank accounts, allowing funds to be transferred between them. Creditworthiness for mobile wallet users will […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2021\/04\/20\/mobile-wallet-users-can-now-borrow-deposit-under-new-regs\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2021-04-20T04:10:56+00:00\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/04\/20\/mobile-wallet-users-can-now-borrow-deposit-under-new-regs\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/04\/20\/mobile-wallet-users-can-now-borrow-deposit-under-new-regs\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Mobile wallet users can now borrow + deposit under new regs\",\"datePublished\":\"2021-04-20T04:10:56+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/04\/20\/mobile-wallet-users-can-now-borrow-deposit-under-new-regs\/\"},\"wordCount\":187,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"keywords\":[\"debt\",\"EnterpriseAM\",\"Fintech\",\"regulation watch\"],\"articleSection\":[\"REGULATION WATCH\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/04\/20\/mobile-wallet-users-can-now-borrow-deposit-under-new-regs\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2021\/04\/20\/mobile-wallet-users-can-now-borrow-deposit-under-new-regs\/\",\"name\":\"Mobile wallet users can now borrow + deposit under new regs - 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The CBE is now extending the waiver on implementing the regulations until the end of December, after saying last year it would\u2026","rel":"","context":"In "REGULATION WATCH"","block_context":{"text":"REGULATION WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/regulation-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":565672,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/04\/22\/banks-can-start-issuing-deposit-backed-electronic-currencies-under-new-cbe-regs\/","url_meta":{"origin":561753,"position":1},"title":"Banks can start issuing deposit-backed electronic currencies under new CBE regs","author":"enterpriseam admin","date":"22 April 2021","format":false,"excerpt":"Commercial banks are now allowed to issue e-currencies under newregulations (pdf) announced by the central bank yesterday. One unit of those currencies has to be equal to EGP 1 when used for mobile payments, and every single unit in circulation must be backed one-to-one by physical deposits, the CBE said.\u2026","rel":"","context":"In "SPEED ROUND: CRYPTO"","block_context":{"text":"SPEED ROUND: CRYPTO","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round-crypto\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/4\/490.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":561829,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/04\/22\/cbe-raises-withdrawal-transfer-limits-from-mobile-wallets\/","url_meta":{"origin":561753,"position":2},"title":"CBE raises withdrawal + transfer limits from mobile wallets","author":"enterpriseam admin","date":"22 April 2021","format":false,"excerpt":"SMART POLICY- Mobile wallet users can now borrow, withdraw, and transfer larger sums per day under new regulations (pdf) released by the Central Bank of Egypt (CBE). Individual users can apply for one-year finance of up to EGP 5k, while informal micro enterprises and self-employed craftsmen can borrow up to\u2026","rel":"","context":"In "REGULATION WATCH"","block_context":{"text":"REGULATION WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/regulation-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":558804,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/08\/26\/new-regs-aim-to-make-mobile-card-payments-easier\/","url_meta":{"origin":561753,"position":3},"title":"New regs aim to make mobile, card payments easier","author":"enterpriseam admin","date":"26 August 2021","format":false,"excerpt":"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\u2026","rel":"","context":"In "FINANCIAL INCLUSION"","block_context":{"text":"FINANCIAL INCLUSION","link":"https:\/\/enterpriseam.com\/egypt\/category\/financial-inclusion\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":594021,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/10\/16\/cbe-rolls-out-new-regs-for-banks-lending-to-microfinance-players\/","url_meta":{"origin":561753,"position":4},"title":"CBE rolls out new regs for banks lending to microfinance players","author":"enterpriseam admin","date":"16 October 2019","format":false,"excerpt":"The Central Bank of Egypt (CBE) has rolled out four new regulations for banks looking to provide funding for companies and NGOs focused on microfinance, Al Mal reported. Banks will now have to update IScore, in addition to the CBE, on their credit limits on a monthly basis, and ensure\u2026","rel":"","context":"In "Banking + Finance"","block_context":{"text":"Banking + Finance","link":"https:\/\/enterpriseam.com\/egypt\/category\/banking-finance\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":594041,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/10\/17\/lending-by-banks-nbfi-arms-to-count-toward-single-obligor-limits\/","url_meta":{"origin":561753,"position":5},"title":"Lending by banks\u2019 NBFI arms to count toward single obligor limits","author":"enterpriseam admin","date":"17 October 2019","format":false,"excerpt":"REGULATION WATCH- CBE issues new regs to reduce bank lending risks: Restrictions placed on bank lending to corporate borrowers will now take into account loans made by non-bank affiliates (so-called NBFIs, or non-bank financial institutions). The measures are part of new CBE regulations (pdf) designed to diversify credit portfolios of\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2018\/11\/1115.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/561753","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=561753"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/561753\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/561747"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=561753"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=561753"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=561753"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=561753"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=561753"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}