The Cabinet approved the final draft of the new Banking and Central Bank Law, which would grant the Central Bank of Egypt (CBE) increased oversight of the banking sector. The draft will be reviewed by the Council of State before being introduced to the House of Representatives. The main highlights of the final draft of the law include: i) increasing banks’ minimum paid-in capital, from EGP500mn to EGP5bn, and USD150mn for foreign bank branches, from USD50mn; ii) establishing a Banking Sector Development Fund that would be funded by no more than 1% of banks’ annual net income; iii) updating licensing and ownership regulations, with the inclusion of a stipulation that no one individual or a related group could hold more than 10% of a bank’s equity without prior approval of the CBE; and iv) requiring the approval of the CBE for the appointment of any member in banks’ executive management. The draft also introduces measures for licensing e-payment and fintech businesses, measures to ensure data protection and customers’ privacy, as well as measures to encourage and support financial inclusion. Banks would have 1-3 years to comply with the new provisions of the law.