Egypt continues ATM withdrawal fee suspension

ATM fees, and commissions on ATM cash withdrawals, in Egypt will remain suspended until Dec. 31, according to Rami Abu al-Naja, the deputy governor of the Central Bank of Egypt. Customers will also be exempt from bank transfer service fees made in Egyptian pounds, according to an Egypt Independent report.

A CBE statement, cited in the news report, stated extending the suspension of fees will help preserve the gains made by increasing the demand for electronic payments. The CBE's vision is to transition Egypt to be less dependent on cash, according to the news report.

Back in March, the CBE launched an initiative to encourage citizens to use electronic payment but that was to help curb the coronavirus outbreak.

In light of how well the transition is working to electronic payments, the CBE board of directors decided to continue issuing electronic wallets for free, cancel all fees on transactions between mobile phone accounts and continue to issue free prepaid cards to citizens until December 31.

The initiative allows citizens to get free prepaid cards and mobile phone wallets for six months. It also enables new and existing bank customers to make transfers, purchases and cash withdrawals through ATMs for free.

Source: ATM Marketplace