Central allows to run credit and savings services through mobile wallet

المركزي يسمح بتشغيل خدمتي الإقراض والادخار عبر محفظة المحمول

04:57 pm

Monday 19 April 2021

I wrote – Sand Al Masri:

The central bank announced in Egypt that it would allow credit and digital savings services to be operated through customers’ mobile wallets, the bank said in a statement today.

At its meeting today, its board of directors approved the third version of the rules for payment service using mobile phone wallet and the rules for providing credit and digital savings services via mobile phone, the report said. Wallet.

The adoption of new payment rules using the Smart Wallet comes within the framework of the implementation of the National Council for Payments led by President Abdel Fattah L-CC to achieve digital transformation and financial inclusion, and in the light of the Egyptians to provide services to all sections of society, especially the common people, artisans and their various financial services State interest in and interest in digital banking.

Rami Abul-Naga, deputy governor of the central bank, said the new rules signify a new trend in the banking sector as it allows customers to access credit and digital savings services through their mobile wallets. Time.

It also allows the whole platform to transfer funds between mobile phone wallet accounts and various bank accounts, which will positively affect the operational rates of the service and the usage of the service as a result of continuous and effective cooperation between the central bank and the national telecommunications. According to the Regulatory Commission and the Anti-Money Laundering and Terrorism Financing Division, Abu al-Naja.

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Amani Shams L. Din, First Deputy Governor of the Department of Banking Operations and Payment Systems, said the new set of rules is a quantum leap in the banking business because it allows banks to rely on customer behavior behavior in lending (etc.) to his customer’s mobile phone use and payment of electricity, water and gas bills. Such as regularity. Etc.) There is no credit history or previous transactions with the banking sector, especially in the case of customers, as an alternative to the traditional methods of assessing the creditworthiness of customers in approving an immediate lending decision.

He added that this would have a major impact on increasing the number of beneficiaries from accessing easy bank credit services.

It is noteworthy that the Egyptian company i-Score for credit information is currently working on enforcing the terms for digital appraisal models used in these types of loans in light of central bank orders.

Ehab Nasr, assistant secretary general for payments systems and services, said in a statement that the new set of rules was the third version of the rules governing the provision of payment service using a mobile phone wallet, which previously had a central bank board of directors in November 2016.

The service is one of the most important services in the banking sector as the total value of annual transactions made through mobile phone wallets is estimated at 100 by 2020, with the number of accounts exceeding 20 million wallets. Billions of pounds, with a growth rate of 300% over 2019, has increased the credibility of many citizens in this system in recent times.

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Mobile payment service is one of the most efficient financial services to achieve financial inclusion, in light of the widespread use of mobile phones, all members of the community, especially low-income and young people, can get banking services quickly and at very low cost.

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Seth Sale

About the Author: Seth Sale

Seth Sale is an all-around geek who loves learning new stuff every day. With a background in Journalism and a passion for web-based technologies and Gadgets, she focuses on writing about on Hot Topics, Web Trends, Smartphones, and Tablets.

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