The Central Bank of Egypt (CBE) has announced an increase in the maximum transaction limits for financial inclusion accounts which cover withdrawals, outgoing transfers, debit operations, and purchases.
For accounts intended to promote financial inclusion, the CBE increased the maximum withdrawal limits by 50 percent for purchases, debit transactions, outgoing transfers, and total withdrawals, as stated in a circular released on Sunday.
Offering little or no fees, these financial inclusion accounts are crucial in delivering banking services to underprivileged groups in society, including microbusinesses and low-income individuals.
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They also make banking more accessible and affordable by enabling digital access to financial services.
Breakdown of the daily transaction limit for each category
The daily transaction limit for individual accounts has increased from EGP 60,000 to EGP 90,000 under the new laws.
Furthermore, the EGP 200,000 monthly transaction cap for individuals has been raised to EGP 300,000.
Each bank will decide the maximum account balance for businesses and micro businesses with registered headquarters or confirmed documentation. However, the monthly transaction limit has been lifted from EGP 400,000 to EGP 600,000, and the daily transaction limit has been enhanced from EGP 80,000 to EGP 120,000.
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The maximum daily transaction limit has been increased to EGP 90,000 (from EGP 60,000) and the monthly limit to EGP 300,000 (from EGP 200,000) for businesses, microenterprises, and independent contractors without official paperwork.
In accordance with the rules outlined in an earlier circular published in November 2023, it also reaffirmed that the daily and monthly maximum restrictions for prepaid cards and mobile payment services are still in effect.
These modifications are a part of the CBE’s continuous efforts, which have made impressive strides in recent years, to improve financial inclusion and provide easier access to banking services throughout Egypt’s various sectors of the economy.