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CBE issues instructions regarding the use of credit cards abroad

“The Central Bank of Egypt has issued new instructions to banks earlier this week regarding the use of credit cards abroad, especially for customers who have not provided evidence of using their credit cards while abroad within a maximum period of 90 days from the date of opening the usage borders.

The Central Bank, in a letter sent to banks on Sunday, emphasized the commitment to suspend the credit card and to list customers on the platform prepared by the Egyptian Credit Bureau in this regard, as well as the credit registration system at the Central Bank.

Banks are committed to suspending the use of credit cards abroad for customers listed in the daily report prepared by the Egyptian Credit Bureau, according to the platform, according to the Central Bank’s instructions.

The Central Bank has also stressed the necessity of sending text messages to customers in case they fail to submit the necessary documents during the specified period before suspending the cards.

The Central Bank explained that these regulations come within the framework of instructions issued on October 29 last year, which clarify the rules for using credit cards for travel purposes abroad.

A banking official stated that the Central Bank’s new instructions are a result of banks noticing significant delays from customers in proving their presence abroad while using credit cards.

He emphasized that these “strict” instructions are capable of deterring any manipulations or lack of interest from some customers in confirming the use of cards according to the specified instructions.

The Central Bank of Egypt had directed banks operating in Egypt in October to stop using “direct debit cards” for customers abroad, restricting their use only within Egypt, followed by a decision to also suspend credit cards. However, in the same month, the Central Bank decided to fully open the usage borders for the credit card for any customer without the need to submit any documents, once they contact the customer service of the issuing bank.

The Central Bank also relaxed the previous restrictions imposed on the use of credit cards abroad, and abolished the requirement for customers to provide proof of travel before leaving.

The Central Bank stressed the necessity of customers providing proof that the card was used while traveling abroad, within 90 days of returning to Egypt.”

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