CBE issues licensing rules for payment system operators, service providers

Updated 6/19/2025 11:38:00 AM

Arab Finance: The Central Bank of Egypt (CBE) has issued new rules for licensing and registering payment system operators and payment service providers, in line with law No. 194 of 2020 regulating the banking sector, as per an announcement.

The move comes as part of the CBE’s efforts to keep up with the rapid growth of electronic payments and ensure the provision of secure and accessible financial services across Egypt.

The rules outline the procedures and conditions for licensing institutions, whether based in Egypt or abroad, that offer payment services or operate payment systems for customers in Egypt.

Covered services include cash deposits and withdrawals from payment accounts, execution of payment transactions and fund transfers, issuance of payment instruments and e-acceptance channels, domestic remittance services in EGP, payment order creation, and account information services.

The framework sets out the documents and criteria required for obtaining prior approval, including minimum capital requirements, licensing conditions, procedures for license amendments, financial guarantees, and applicable inspection and oversight fees.

A transitional period of 12 months has been granted for currently operating payment institutions to apply for licensing under the new rules.

These institutions will be allowed to continue operating during this period until their status is reviewed and decided upon by the CBE’s Board of Directors.

The rules also cover licensing conditions for foreign-based payment institutions that offer services to users in Egypt, provided they are regulated by the relevant authority in their home country. The rules define the scope and terms under which these entities may operate.