A new decision from the Central regarding pension disbursement cards


05:26 PM

Wednesday 23 June 2021

I wrote – Manal Al-Masry:

The Central Bank decided to continue canceling fees and commissions for cash withdrawals from pension exchange cards for a period of 6 months, ending next December.

The Central Bank said in a press statement today, Wednesday, that it will bear the cash withdrawal fees for these cards from ATMs, whose approximate value ranges between 60 million and 70 million pounds during the aforementioned period.

The Central Bank had decided to extend the exemption of withdrawals from banks from commission fees for an additional 6 months, as well as the continuation of the abolition of commissions and fees for bank transfer services in the pound, and the issuance of electronic wallets for free.

It also extended the exemption from commissions and fees for transfers between mobile phone accounts and transfers between any mobile phone account and any bank account.

The Central Bank had canceled fees for bank transfer services and decided to issue electronic wallets for free, over a period of 15 consecutive months, since March 2020, until the end of this month, as part of the precautionary measures to confront the Corona virus, which motivates customers to automate their payments.

The statement said that with regard to electronic collection via the Internet, the decisions also included the continuation of canceling all fees for activating electronic collection services via the Internet (E-Commerce), in order to reduce the financial burdens on companies by exempting them from the expenses that were required of them; To activate these services (such as the one-time fees to activate the service, the monthly fees for the service, and the fees for additional services).

He explained that the decision came in implementation of President Abdel Fattah El-Sisi’s directives to relieve citizens and revitalize the national economy and a continuation of the Central Bank’s proactive efforts in facing the repercussions of the “Corona” pandemic, which aims to revitalize and protect the national economy and preserve the gains of economic reform and stability of the banking sector.

According to the Central Bank, the decisions that have been extended come within the framework of its keenness to ensure the continuity of the banks work in light of the continuous follow-up of the banking sector, and with the aim of providing more facilitation to citizens and encouraging them to continue to turn to electronic payment methods and channels, in a way that supports the state’s direction of the Central Bank to transform into a less society. Depending on the banknotes.


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