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Mobile Wallets regulatory rules

Regulations

Mobile wallets enable their owners to perform financial transactions electronically through the mobile phone (using the USSD or the application for smartphones) and mobile operators’ distribution networks, which saves their users time, expenses and effort while ensuring privacy and confidentiality and protecting them and their money, all of this at any time and from anywhere through the mobile phone

Mobile Wallets regulatory rules:

  • Each customer has the right to open maximum 3 wallets with 3 different mobile numbers with his national ID number.
  • Each mobile number is allowed to open only one wallet.
  • Mobile wallet registration is allowed for Egyptians only (who have a valid national ID number).
  • Money Transfer is allowed within the Arab Republic of Egypt only and with the local currency (Egyptian pound) only.
  • The maximum allowed daily transaction limits for withdrawals, transfers, and any deductions from the wallet for individual customers= thirty thousand Egyptian pounds
  • The maximum allowed daily transaction limits for withdrawals, transfers, and any deductions from the electronic wallet for corporate customers= forty thousand Egyptian pounds.
  • The maximum allowed monthly transaction limits for withdrawals, transfers, and any deductions from the wallet for individual customers= one hundred thousand Egyptian pounds.
  • The maximum allowed monthly transaction limits for withdrawals, transfers, and any deductions from the wallet for corporate customers = two hundred thousand Egyptian pounds.
  • Customers can transfer money between different mobile accounts, and it is not required to be a consumer of the same service provider.
  • Cash withdrawals and deposits from / into the wallet should be performed by the mobile wallet owner himself.
  • No transaction can be completed without using/ inserting the customer’s PIN Code.
  • PIN Code specification:
    • The password must not be less than six numbers (eight numbers are preferred).
    • Easy numbers should not be allowed as a PIN such as 111111 or 123456.
  • The customer’s password must be used to open the e-wallet application
  • Password specifications for e-wallets applications:
    • Complex passwords (example: it consists of eight letters and includes letters, numbers, special symbols … etc.).
    • Ensure that the “remember the password” mechanism can’t be used (that is, the password is not stored on mobile applications).