Central Bank of Egypt Raises Limits on Prepaid Cards by 100%

The Central Bank of Egypt (CBE) has raised the limits of prepaid cards, as well as transactions through mobile banking and financial inclusion accounts, by 100%.

Individuals will be able to double the amount of money they withdraw, transfer or use for purchases on a daily basis from EGP 30,000 to EGP 60,000, with monthly limits raised from EGP 100,000 to EGP 200,000.

Licensed micro-entreprises meanwhile have had their daily limits raised from EGP 40,000 to EGP 80,000, with monthly limits up from EGP 200,000 to EGP 400,000.

The movie is part of a push from the Egyptian government to encourage the use of mobile banking and cashless payments throughout the country. The government has invested EGP 50 billion in digital transformation projects, with financial inclusion rates having improved between 2016 and 2022 by 147%, according to an October report from CBE.