02:21 PM
Tuesday, November 28, 2023
Written by Manal Al-Masry:
The Central Bank directed banks to raise daily and monthly transfer and purchase limits using smart wallets linked to mobile phones, in order to facilitate and increase electronic financial transactions and reduce cash circulation.
Banks allow customers to subscribe to the smart wallet service for free, without taking into account any administrative expenses to deal with when paying and making purchases electronically.
The total number of smart wallets rose to 36 million wallets by the end of last September, with a transaction volume of 853 billion pounds during the first 9 months of this year, according to what Rami Abul Naga, Deputy Governor of the Central Bank, said earlier.
The Central Bank intends to keep the same fees applied to transfers and electronic payments using smart wallets unchanged over the next year, according to what a banking source previously told Masrawy.
In the following lines, Masrawy presents the monthly and daily limits for smart wallets after increasing them.
Permissible limits for private individuals
-Maximum daily transactions: 60 thousand pounds.
-Maximum monthly transactions: 200 thousand pounds.
Permissible limits for companies and micro-enterprises that have papers:
– Daily maximum: 80 thousand pounds.
– Monthly maximum: 400 thousand pounds.
The limits available to companies, micro-enterprises, self-employed people, and craftsmen that are listed under the name “economic activity”:
– Daily maximum: 60 thousand pounds.
– Monthly maximum: 200 thousand pounds.
2023-11-28 12:21:00
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