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Reuters

Egypt central bank approves instant payment regulations

Egypt’s central bank has approved regulations designed to allow people to make instant electronic payments between bank accounts using their mobile phones, it said in a statement on Monday. A new network, to be launched by the end of the year, would also allow customers to manage all their bank accounts and complete transfers with any bank through a single application, the statement said. “Customers will be able through the new network to complete transfers within a few seconds, on weekdays and during official holidays using various electronic payment tools issued by Egyptian banks,” central bank deputy governor Rami Aboul Naga said in the statement.

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