Egypt’s booming fintech sector has been given a stark ultimatum: secure a license or prepare to shut down.

In a move that could reshape the country’s financial technology landscape, the Central Bank of Egypt (CBE) has issued new rules governing the licensing and registration of payment system operators and payment service providers. The directive gives both domestic and foreign firms providing payment services to Egyptian customers a 12-month window to comply with the new requirements — or risk being pushed out of the market.

The CBE says the move is part of its strategy to modernise Egypt’s financial system, keep pace with rapid developments in electronic payments, and enhance financial stability in the sector.

The rules, issued in accordance with the 2020 Central Bank and Banking System Law (Law №194), bring nearly every type of payment-related activity under regulatory oversight. That includes everything from cash deposits and withdrawals to payment order initiation, remittances in Egyptian pounds, issuance of electronic payment tools, and account information services.

For Egypt’s fintechs — from payments startups to money transfer services — the new framework establishes a formal licensing process that outlines minimum capital requirements, financial guarantees, examination and supervision fees, and procedures for amending licenses.

Twelve-Month Countdown

While the regulatory framework is immediate, the CBE has granted a one-year grace period for companies already in operation. Existing firms must submit license applications to the Central Bank within that window, after which the regulator will decide on the regularisation of their status. Companies can continue operating during this review period.

Importantly, the new rules also apply to foreign firms offering payment services to customers inside Egypt, provided that they are licensed by an equivalent regulator in their home country. Foreign operators will now be subject to clearly defined compliance obligations when serving Egyptian clients.

Egypt’s crackdown is not happening in isolation. Across Africa, regulators are tightening the rules around fintech operators, aiming to assert greater control over rapidly expanding financial ecosystems.

In May, the Central Bank of West African States (BCEAO) — regulator of the eight-country West African Economic and Monetary Union (WAEMU) — launched a major regulatory enforcement drive against unlicensed fintech companies in Senegal, Côte d’Ivoire, Mali, and others. The crackdown led to disruptions across digital payments systems, including payroll freezes and failures of digital wallets, with thousands of users affected.

Elsewhere, Cameroon has given fintech firms operating in the country until August 2025 to obtain formal licenses or shut down. The directive, signed by Finance Minister Louis-Paul Motaze, mandates that all providers of mobile money, credit, and fundraising services must comply with local CEMAC regulations to continue doing business.

For Egypt, the stakes are particularly high. The country has emerged as one of Africa’s largest fintech markets, with a thriving ecosystem of startups, regional players, and international firms competing for market share in everything from digital wallets to cross-border payments.

As regulators tighten their grip, Egypt’s fintech industry — much like its counterparts across the continent — now faces a year of reckoning.

Launch Base Africa will analyze the requirements of the new rules in the coming days.