The Central Bank of Egypt has issued licensing and registration rules for Payment System Operators and Payment Service Providers under the Central Bank and Banking System Law No. 194 of 2020, setting out conditions and procedures for both domestic and foreign-based payment institutions offering services to customers in Egypt. The rules cover payment service activities including cash deposits and withdrawals from payment accounts, execution of payment transactions and funds transfers, issuance of payment instruments and electronic acceptance channels, sending and receiving remittances in EGP, payment initiation services, and account information services. They also set prerequisites for preliminary approval and licensing, including required documentation, minimum capital requirements, processes for modifying a licence, financial guarantees, and inspection, examination and supervision fees. Existing payment institutions have a 12-month grace period from issuance to apply for a CBE licence and may continue operating until the CBE Board of Directors decides on their compliance review. Licensing conditions are also set for foreign-based payment institutions serving customers in Egypt, including a requirement to be licensed by a corresponding authority in their home jurisdiction and to operate under the framework specified in the rules.
Central Bank of Egypt 2025-06-19
Central Bank of Egypt issues licensing and registration rules for payment system operators and payment service providers
The Central Bank of Egypt has issued licensing and registration rules for Payment System Operators and Payment Service Providers under the Central Bank and Banking System Law No. 194 of 2020. The rules outline conditions for domestic and foreign payment institutions, covering activities like cash deposits, payment transactions, and remittances in EGP. They include prerequisites for licensing, such as documentation, capital requirements, and compliance for foreign institutions operating in Egypt.