{"id":598123,"date":"2019-05-15T03:41:19","date_gmt":"2019-05-15T03:41:19","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/05\/15\/list-of-e-commerce-no-nos-issued-as-cbe-orders-aggregators-and-payment-facilitators-must-offer-guarantees-to-banks\/"},"modified":"2019-05-15T03:41:19","modified_gmt":"2019-05-15T03:41:19","slug":"list-of-e-commerce-no-nos-issued-as-cbe-orders-aggregators-and-payment-facilitators-must-offer-guarantees-to-banks","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/05\/15\/list-of-e-commerce-no-nos-issued-as-cbe-orders-aggregators-and-payment-facilitators-must-offer-guarantees-to-banks\/","title":{"rendered":"List of e-commerce no-nos issued as CBE orders aggregators and payment facilitators must offer guarantees to banks"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-03\"><\/a> <b>REGULATION WATCH- Crypto is on the CBE\u2019s list of online no-nos as the regulator orders aggregators and payment facilitators to off guarantees to banks. (Speed Round): <\/b>Banks must hold guarantees from e-payment facilitators (or so-called PayFacs) and aggregators to ensure the two forms of intermediaries are able to cover 50% of the payments they collect on behalf of merchants, according to Central Bank of Egypt (CBE) guidelines for the e-payment industry <a href=\"https:\/\/almalnews.com\/%D8%A7%D9%84%D8%B6%D9%88%D8%A7%D8%A8%D8%B7-%D8%A7%D9%84%D9%83%D8%A7%D9%85%D9%84%D8%A9-%D9%84%D8%B4%D8%B1%D9%83%D8%A7%D8%AA-%D8%AA%D9%83%D9%86%D9%88%D9%84%D9%88%D8%AC%D9%8A%D8%A7-%D8%A7%D9%84%D9%85\/\">seen by Al Mal<\/a>. The banks, which are charged with overseeing the industry, must have an internal system in place giving them \u201cfull control\u201d over authorizing and monitoring daily merchant collections on the basis of the guarantees held.<\/p>\n<p><b>CBE blacklists cryptocurrency, websites that match would-be partners, crowdfunders: <\/b>The new guidelines prohibit the industry from providing services to cryptocurrency sites, multi-level marketing companies, and companies that specialize in helping you find that special someone (sorry for the oblique language \u2014 the algorithms that govern our deliverability to your inboxes don\u2019t like the standard term). Crowdfunding sites, file sharing and storage services, folks hawkin games of chance (again, sorry for the oblique language), and sites facilitating the buying and selling of financial securities and precious stones are also banned.<\/p>\n<p><b>Protecting information: <\/b>Banks must also ensure their information security policies cover e-payment processing, and are obliged to analyze the providers\u2019financials, and conduct due diligence and risk assessment reports before entering into agreements. Any agreement involving a merchant whose annual sales exceeds EGP 3 mn must have a commercial bank as a party. This could mean a direct contract with a bank to act as the sole payment service provider or a trilateral agreement with the e-platform still on board.<\/p>\n<p><b>What, exactly, are PayFacs? <\/b>The contrast between e-payment aggregators and PayFacs is interesting. Aggregators can be seen as the more basic providers who sign up merchants under a merchant ID and do not own master accounts (i.e. Fawry). In other words, they \u201caggregate\u201d merchants under a single ID and do not usually provide complementary services. PayFacs, meanwhile, provide merchants with separate IDs under their own master accounts and often provide access to gateway and authorization services (i.e. <a href=\"https:\/\/www.payfort.com\/\">Amazon\u2019s PayFort<\/a>, which operates in Egypt). Merchants using PayFacs, unlike those using aggregators, can be referred to as sub-merchants.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>REGULATION WATCH- Crypto is on the CBE\u2019s list of online no-nos as the regulator orders aggregators and payment facilitators to off guarantees to banks. (Speed Round): Banks must hold guarantees from e-payment facilitators (or so-called PayFacs) and aggregators to ensure the two forms of intermediaries are able to cover 50% of the payments they collect [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":598124,"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":[8572],"tags":[204,271,199,72,183,343,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-598123","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-banking","tag-central-bank-of-egypt","tag-e-commerce","tag-enterpriseam","tag-fintech","tag-regulation","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"2257ba37-1588-419d-a6cf-2fd007f07927","is_powered_by":true,"section_story_id":"5b814281-a279-49e5-8824-73f311d02e84","story_type":"1","photo_url":"https:\/\/ent.news\/2018\/11\/1115.jpg","photo_position":"above","related_issue":[598114],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>List of e-commerce no-nos issued as CBE orders aggregators and payment facilitators must offer guarantees to banks - 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\/2019\/05\/15\/list-of-e-commerce-no-nos-issued-as-cbe-orders-aggregators-and-payment-facilitators-must-offer-guarantees-to-banks\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"List of e-commerce no-nos issued as CBE orders aggregators and payment facilitators must offer guarantees to banks\" \/>\n<meta property=\"og:description\" content=\"REGULATION WATCH- Crypto is on the CBE\u2019s list of online no-nos as the regulator orders aggregators and payment facilitators to off guarantees to banks. 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The previous limit was imposed in 2004. Banks are still held to\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":571603,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/05\/18\/house-approves-draft-banking-act-with-new-provisions\/","url_meta":{"origin":598123,"position":1},"title":"House approves draft Banking Act with new provisions","author":"enterpriseam admin","date":"18 May 2020","format":false,"excerpt":"LEGISLATION WATCH- House approves draft Banking Act with new provisions: The House of Representatives has approved the long-awaited Banking and Central Bank Act with several new provisions and shipped it off to the State Council for final legal review, the local press reported yesterday, citing MENA. The legislation, which received\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/5\/188.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":591427,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/12\/05\/banks-to-run-background-checks-on-businesses-under-new-working-capital-financing-regulations\/","url_meta":{"origin":598123,"position":2},"title":"Banks to run background checks on businesses under new working capital financing regulations","author":"enterpriseam admin","date":"5 December 2019","format":false,"excerpt":"REGULATION WATCH- CBE issues new lending regs to banks: The Central Bank of Egypt (CBE) on Tuesday issued new regulations (pdf) that will require banks to dig into the ownership and creditworthiness of suppliers that companies are borrowing to repay. Under the new rules, banks will need to obtain a\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":623177,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/10\/24\/central-bank-of-egypt-sets-a-mandatory-10-active-e-wallet-quota-for-the-banking-sector\/","url_meta":{"origin":598123,"position":3},"title":"Central Bank of Egypt sets a mandatory 10% active e-wallet quota for the banking sector","author":"enterpriseam admin","date":"24 October 2018","format":false,"excerpt":"CBE sets a mandatory 10% active e-wallet quota for the banking sector: The central bank bank has set a September 2019 deadline for banks to ensure that 10% of their e-wallet customers are active users. A directive to banks in August (pdf) also mandates that banks grow their active e-wallet\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":571809,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/06\/01\/central-bank-of-egypt-to-finance-purchase-of-100k-pos-machines-this-year\/","url_meta":{"origin":598123,"position":4},"title":"Central Bank of Egypt to finance purchase of 100k POS machines this year","author":"enterpriseam admin","date":"1 June 2020","format":false,"excerpt":"CBE finances purchase of 100k POS machines: The Central Bank of Egypt (CBE) said it will finance banks\u2019 purchase and distribution of 100k new POS machines this year as part of a wider plan to expand the use of e-payment services, according to a circular (pdf). The CBE will give\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":573878,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/08\/23\/the-cbe-appears-to-be-edging-toward-renewal-of-a-six-month-payment-holiday-for-businesses-most-affected-by-covid-19\/","url_meta":{"origin":598123,"position":5},"title":"The CBE appears to be edging toward renewal of a six-month payment holiday for businesses most affected by covid-19","author":"enterpriseam admin","date":"23 August 2020","format":false,"excerpt":"The CBE appears to be edging toward renewal of a six-month payment holiday for businesses most affected by covid-19. Commercial banks have finished drawing up a list of large corporate clients most affected by the pandemic at the request of the Central Bank of Egypt (CBE), Al Shorouk reports, quoting\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/598123","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=598123"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/598123\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/598114"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/598124"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=598123"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=598123"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=598123"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=598123"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=598123"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}