The Central Bank of Egypt (CBE), alongside the Social Housing and Mortgage Finance Fund, has launched an initiative to start the collection of mortgage installments via e-payment methods, the Middle East News Agency (MENA) reports.

Coming in partnership with mortgage lending banks, the initiative is in line with the goals set by the National Payments Council to digitize and improve payment and collection systems, as well ass, to cooperate with all state institutions to provide the easiest payment service for the social housing program’s beneficiaries, according to CBE’s press release on November 24.

Clients will be able to pay their installments, without any additional charges, through mobile payment applications or credit cards.

The service will be available starting from December 2019, and the first phase will include the top five mortgage lending banks, namely the National Bank of Egypt (NBE), Banque Misr, Banque du Caire, Commercial International Bank – Egypt (CIB), and Housing and Development Bank (HDB).