CBE launches e-portal to manage mobile wallet accounts

ArabFinance: The Central Bank of Egypt (CBE) approved the launch of the electronic portal (e-portal) for managing mobile phone wallet accounts, in cooperation with the National Telecommunications Regulatory Authority (NTRA), a statement by the bank said.

According to the statement, the user can, through the portal, make an inquiry about any electronic wallet registered with his mobile phone number, as well as unsubscribe from the wallet for free and without the need to visit the branch in preparation for changing the service provider.

Ramy Abul-Naga, Deputy Governor of the CBE, stated that the establishment of the electronic portal came in light of the keenness of the CBE to provide more electronic digital financial services that are easy and flexible to suit all spectrums of society.

The step also supports the countrys efforts in achieving financial inclusion and transformation towards a digital society that is less dependent on cash, within the framework of implementing the vision and decisions of the National Payments Council headed by President Abdel Fatah al-Sisi.

The launch of the electronic mobile wallet accounts management portal represents a new addition to the characteristics and advantages of the national payment system "Meeza" managed by the Egyptian Banks Company, and it will have a positive impact on the market for payment services using the mobile phone in particular and electronic and digital payments in general.

It is worth noting that the number of mobile wallets hiked 27% Year on Year (YoY) to 25 million in 2021.

Users executed some 227 million mobile wallet transactions last year, almost double the number of transactions made in 2020, with the total value rising 160% YoY to EGP 233 billion.