Egypt - Get License for Bank to Engage in Electronic Banking Operation and to Issue Electronic Money Payment Method

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Procedure

Apply In-Person:

1. To Get License for Bank to Engage in Electronic Banking Operation and to Issue Electronic Money Payment Method in person, the applicant must navigate to the Contact link
2. The application shall be made in writing to the Central Bank of Egypt.
3. The applicant has to make sure that he or she has all the required documents that are required for this process to be successful, and they can be found under the "Required Documents" section of this page.
4. Payment of appropriate fees should be made and that can be found under the "Fees" section of this page.
5. The application must be accompanied with a certified true copy of the regulations, the names, addresses and occupations of persons including their corporate affiliations who would hold significant shareholdings, directly or indirectly in the proposed banking business, the feasibility reports including a business plan and financial projections for the first five years and areas of specialization intended, and documentary evidence of the capital, their sources and other sources of funds.
6. The Central Bank may interview the promoter, proposed directors and senior management personnel during appraisal and may also inspect the books and records of the company to satisfy itself about the representations made or information furnished by the applicant.
7. The Central Bank may issue provisional approval for the issuance of a license to the applicant on such terms and conditions, as it may consider necessary and appropriate if it is satisfied that:
8. The applicant would carry on banking business with integrity, prudence and the required professional competence and
9. The applicant has initial paid-up capital as required under section 5, to hold a license.
10. The Central Bank of Egypt shall issue a final approval and a license to carry on banking business, after the Bank of Ghana is satisfied:
11. With the organizational and infrastructural arrangements, as well as Security arrangements made by the applicant and
12. That the applicant has complied with the terms and conditions stipulated in the provisional approval.
13. The Central Bank of Egypt may refuse an application for a license to carry on banking business if the Central Bank of Egypt is not satisfied with the merits of the application or in view of prevailing conditions in the banking sector or in keeping with its banking policy.
14. An applicant reserves the right to appeal to the Minister of Finance.
15. The Central Bank of Egypt shall communicate its decision on an application for a banking license within three months from receipt of complete information.
16. Non-refundable processing fees which shall accompany each application and licensing fees shall be paid before the final issuance of the banking license.
17. The processing time for this procedure takes three months.

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Required Documents

• Memorandum and article of association.
• Certificate of incorporation.
• Proof of investment.
• Documentary proof of capital to be invested.
• Registration certificate of the company OR certificate of incorporation.
• Copies of personal and company PIN (Personal Identification Number) if business is running.
• For renewals; audited accounts for previous 2 years and a certificate of tax compliance
• Cover letter.

Office Locations & Contacts

Central Bank of Egypt
Map. Address: 54 El Gomhoureya St. 11511,
Cairo Governorate, Egypt.
E-mail: [email protected];
Contact number of Central Bank of Egypt: 02 27702770.
Telephone: 16777.
Contact link

Eligibility

• No person other than a body corporate incorporated in Egypt shall be eligible.

Fees

• A non-refundable application fee of EGP2,000 (bankers' cheque payable to the Central Bank of Egypt)

Validity

• Valid for this procedure is 18 months (about 1 and a half years).

Documents to Use

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Sample Documents

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Processing Time

• The processing time for this procedure takes three months.

Related Videos

Videos explaining the procedure or to fill the applications.
Attach videos using the following tag <&video type='website'>video ID|width|height<&/video&> from external 
websites.
Please remove the '&' inside the tags during implementation.
Website = allocine, blip, dailymotion, facebook, gametrailers, googlevideo, html5, metacafe, myspace, revver,
sevenload, viddler, vimeo, youku, youtube
width = 560, height = 340, Video ID = Can be obtained from the URL of webpage where the video is displayed.
e.g In the following url 'http://www.youtube.com/watch?v=Y0US7oR_t3M' Video ID is 'Y0US7oR_t3M'.

Instructions

• For issuance of a license, please submit the duly completed form, to the CBE
• For purposes of application for a new license, an applicant is required first to seek approval name from the Central Bank of Egypt and thereafter will be advised on the documents to be submitted together with the duly completed form.
• Upon satisfying all the requirements and paying the applicable licensing fees the applicant will be issued with a license.
• All information provided shall be treated as confidential.

Required Information

• The name of the company
• The company's objects or authorized business
• That the company can enter into a legally binding agreement
• The name of the first directors of the company
• That the powers of the directors are limited in accordance with the law
• The number of shares in which the company is registered
• The number of shares each subscriber will own on incorporation and the amount payable for the shares
• A declaration that the liability of the members of the company is limited
• A business plan and financial projections (income statement, balance sheet, and cash flow) for the first five (5) years of operations.
• Details of assumptions upon which the financial projection has been made.
• Objectives and aims of the proposed Microfinance Institution.
• Justification for the establishment of the Microfinance Institution
• The organizational structures of the company set out in detail the functions and responsibilities of the top management team.
• Other information that relates to the viability of the business.
• Information on capital and documentary evidence of sources of funds.

Need for the Document

• Licenses are typically issued by a national banking regulator to applicant corporations that meet its banking requirements. The general bank license allows a bank to engage in all banking activities, such as retail banking, merchant acquiring, cash management, asset management and trading.

Information which might help

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Other uses of the Document/Certificate

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e.g. Birth Certificate can be used as proof of identity.

External Links

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Others

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