Latest news with #CentralBankofEgypt
See - Sada Elbalad
34 minutes ago
- Business
- See - Sada Elbalad
Hassan Abdullah Receives "Governor of Year 2025" Award from Union of Arab Banks
Taarek Refaat During the 2025 International Arab Banking Summit, held in Paris under the patronage of French President Emmanuel Macron, Hassan Abdullah, Governor of the Central Bank of Egypt (CBE), was honored with the prestigious "Governor of the Year 2025" award by the Union of Arab Banks. The summit, which was organized by the Union of Arab Banks, took place under the theme "Economic Resilience in the Face of Geopolitical Changes," and featured cooperation with French, European, and international banking federations. Wissam Fattouh, Secretary General of the Union of Arab Banks praised Abdullah for his exceptional leadership and decision-making, noting that his bold decisions and strategic vision have been instrumental in managing challenging issues. Fattouh highlighted Abdullah's role in formulating effective monetary policies, as well as his distinguished supervisory and oversight role over Egypt's banking sector. He further elaborated that Abdullah's most significant achievements included recalibrating Egypt's monetary policy to align with the broader economic objectives, regulating the foreign exchange market, and implementing reforms that led to a record high of over $47 billion in foreign exchange reserves in 2024—the highest level in the country's history. He also acknowledged the CBE's successes under Abdullah's leadership, particularly in facilitating remittances from Egyptians abroad and spearheading numerous strategic projects that contributed to Egypt's economic resilience. Given these significant accomplishments, Abdullah's leadership has rightfully earned him the title of Banker of the Year 2025. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News China Launches Largest Ever Aircraft Carrier Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War Arts & Culture Zahi Hawass: Claims of Columns Beneath the Pyramid of Khafre Are Lies News Flights suspended at Port Sudan Airport after Drone Attacks Videos & Features Video: Trending Lifestyle TikToker Valeria Márquez Shot Dead during Live Stream News Shell Unveils Cost-Cutting, LNG Growth Plan Technology 50-Year Soviet Spacecraft 'Kosmos 482' Crashes into Indian Ocean News 3 Killed in Shooting Attack in Thailand
CairoScene
13 hours ago
- Business
- CairoScene
Swypex Launches Egypt's First Approval-Based Corporate Card
Backed by Accel and licensed by Egypt's central bank, Swypex's new product brings dynamic, policy-driven spend controls to local businesses as part of its Premium offering. Jun 20, 2025 Cairo-based fintech platform Swypex has launched Egypt's first Approval-Based Limits Card, a new product designed to give businesses precise control over employee spending. The card is available exclusively through Swypex Premium, the company's recently introduced subscription tier for enterprise financial management. The Approval-Based Limits Card allows finance teams to assign dynamic spending limits that remain locked until individual transactions are reviewed and approved. This model, inspired by petty cash systems, enables a rotating balance approach — giving finance departments real-time visibility and automated enforcement of internal policies. Swypex's rollout comes amid Egypt's accelerating digital transformation. While mobile wallets and financial inclusion are on the rise — with over 74% of adults now financially included — nearly 94% of business payments remain undigitised. Swypex aims to close that gap by delivering fintech solutions tailored to Egypt's business environment, while adhering to global product standards. 'Egyptian businesses want control without friction, and this card gives them exactly that,' said Ahmad Mokhtar, Co-Founder and CEO of Swypex. 'Approval-Based Limit Cards bring a new standard of precision and agility to business finance. It's the bridge between old-world cash management and seamless, secure corporate spending.' The new card is one of several features available through Swypex Premium, which also includes unlimited cashback, flexible spend controls, and custom approval workflows. The broader Swypex platform integrates payments, invoicing, corporate cards, and financial operations into a single interface. Swypex is licensed by the Central Bank of Egypt and backed by a $4 million seed round led by Accel — the venture capital firm's first fintech investment in the MENA region. The company positions its platform as an end-to-end financial stack for businesses looking to modernise their operations, with onboarding that takes just three minutes.
Zawya
a day ago
- Business
- Zawya
Egypt: CBE issues licensing rules for payment system operators, service providers
The Central Bank of Egypt (CBE) has issued new rules for licensing and registering payment system operators and payment service providers, in line with law No. 194 of 2020 regulating the banking sector, as per an announcement. The move comes as part of the CBE's efforts to keep up with the rapid growth of electronic payments and ensure the provision of secure and accessible financial services across Egypt. The rules outline the procedures and conditions for licensing institutions, whether based in Egypt or abroad, that offer payment services or operate payment systems for customers in Egypt. Covered services include cash deposits and withdrawals from payment accounts, execution of payment transactions and fund transfers, issuance of payment instruments and e-acceptance channels, domestic remittance services in EGP, payment order creation, and account information services. The framework sets out the documents and criteria required for obtaining prior approval, including minimum capital requirements, licensing conditions, procedures for license amendments, financial guarantees, and applicable inspection and oversight fees. A transitional period of 12 months has been granted for currently operating payment institutions to apply for licensing under the new rules. These institutions will be allowed to continue operating during this period until their status is reviewed and decided upon by the CBE's Board of Directors. The rules also cover licensing conditions for foreign-based payment institutions that offer services to users in Egypt, provided they are regulated by the relevant authority in their home country. The rules define the scope and terms under which these entities may operate. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
Egypt Today
a day ago
- Business
- Egypt Today
CBE announces new rules for licensing and registration of payment system and service operators
Cairo – June 19, 2025: In a move to strengthen the digital payments landscape and enhance financial service security and efficiency, the Central Bank of Egypt (CBE) has announced the issuance of new regulations governing the licensing and registration of payment system operators and payment service providers. The updated framework is designed to align with the evolving dynamics of electronic payments and is grounded in the provisions of Law No. 194 of 2020 concerning the Central Bank and the banking sector. The newly introduced rules apply to both domestic and foreign payment institutions offering services to clients within Egypt. They outline comprehensive requirements and procedures for licensing entities that either operate payment systems or deliver payment-related services. Covered activities include cash deposits and withdrawals, execution of payment and transfer operations, issuance of payment instruments, digital acceptance infrastructure, local remittance processing in Egyptian pounds, payment initiation services, and access to payment account information. Key elements of the regulations include stipulations on minimum capital thresholds, documentation requirements, financial guarantees, and procedures for modifying existing licenses. The rules also introduce a fee structure for regulatory inspection, review, and oversight. To facilitate compliance, the CBE has granted a 12-month transitional period to currently operating payment institutions. These entities must submit licensing applications within this timeframe. They will be allowed to continue their operations during the interim, pending the Central Bank's decision on whether they meet the updated regulatory standards. Importantly, the framework also opens the door for international payment service providers to legally operate in Egypt, provided they are licensed in their home jurisdictions by equivalent regulatory authorities. The rules include detailed conditions to ensure that foreign entities operate under clear governance and oversight while serving Egyptian customers.
Zawya
a day ago
- Business
- Zawya
Swypex introduces Egypt's 1st approval-based business card
Arab Finance: Swypex, a financial management platform based in Egypt, has launched the country's first Approval-Based Limits Card, a product designed to help businesses manage expenses more efficiently, as per a press release. Offered through the Swypex Premium subscription, the card applies dynamic spending limits that are activated only after transactions are reviewed and approved. This setup allows finance teams to maintain oversight and enforce spending policies in real time. Modeled on the structure of petty cash management, the card uses a rotating balance system to ensure employee spending does not exceed approved limits. It replaces manual processes with a streamlined mechanism to improve operational control. The launch comes as Egypt continues to develop its financial infrastructure. While over 74% of adults are now financially included and mobile wallet usage is growing, 94% of business payments are still processed manually. Swypex aims to address these challenges with localized products built to meet international standards. The Approval-Based Limits Card is part of a broader Premium subscription, which also includes cashback, spend controls, and customizable approval workflows. The company is supported by a $4 million seed round led by Accel—its first fintech investment in the MENA region—and is licensed by the Central Bank of Egypt. Swypex's platform integrates payments, invoicing, corporate cards, and financial workflows into a single system. Business accounts can be opened in under three minutes. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
