almal > RightWingAd
almal > LeftWingAd

CBE to consider activating payment via mobile devices

Thursday 27 September 2018 05:12 PM


By Sayed Badr  
The Central Bank of Egypt is considering, jointly with I-Score and Ministry of Communications, activating nano lending service via mobile device, as the third version of regulations governing mobile payment, also called mobile wallet, is due to come into force late this year.
" The third version of mobile wallet will dictate diverse uses to be made available, notably saving and borrowing which will be made in very small sums of money for paying bills of electricity, natural gas, or mobile phones," said undersecretary governor of CBE's payment division Eng. Aymen Hussein.
I-Score will be allowed to track down record of clients'  commitment  to paying public service bills and mobile phones, as I-Score's pertinent assessment will be heeded before lending them small amounts of money, he continued.
"The new regulations  help integrate banking accounts with mobile wallets, as any mobile wallets will be charged via  banking accounts. Additionally, they  push up ceiling of  the wallet estimated currently at  EGP6,000 per day and 60,000 per month."
According to informed sources, the maximum set for borrowing in the new service will never exceed EGP500.
Mobile phone operators provide credit to consumers in light of  their recorded commitment to paying bills.
The service may be provided through the mobile phone operators who will be linked with banks or through the mobile wallet, he explained.
Mobile wallet service, valued at EGP8bn per year,  has up to 11.2mln accounts serving up to 10.2mln clients and up to 36 percent growth rate.