Stay tuned for our next alerts in this series on the New Banking Law:Īlert#2: Projects & Finance – The Collateral Regime, Digital Banking and Repatriation of Funds under the New Banking Law.Īlert#3: Banking M&As– The Implications of the New Banking Law on M&A Transactions.Įgypt’s payments industry is on a trajectory for growth.
In this alert, we concentrate on the implications of the New Banking Law on the evolving and growing sector of payments processing in a country where cash is still king. This is an essential pillar in achieving the Government’ s economic expansion plan driven by increased financial inclusion and digital transformation. This new law is set to achieve several key goals, in particular, to ensure that Egypt’s banking system keeps pace with international standards of best practice and to ensure that the required legal framework is in place so as to allow for and facilitate the development and modernisation of the payments system.
The new banking law 194/2020 was issued and published on 15 September 2020 (“New Banking Law”).