Egypt Sphinx

Workforce Payments Guide Egypt

Last updated: Dec 18, 2023

Egyptian Pound (EGP)
Payroll Frequency
Fiscal Year
1 January - 31 December
Employer Taxes
19.75%- 20.75%
Central Bank
The Central Bank of Egypt
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3rd Party Payments

Authority  Payment Frequency  Due Date  Payment Method 
Corporate Income Tax  Annually  Within four months from the end of the financial year  Bank transfer, smart card, or through banks/the National Post Authority 
Salary Tax  Monthly  Within fifteen days following the month of payment  Withheld by employer and remitted to the Tax Authority 
Withholding Tax on Domestic Transactions  Quarterly  Within one month following the end of each quarter  Withheld by entities and remitted to the Tax Authority 
Withholding Tax on Cross-Border Transactions  N/A  No later than the fifth business day of the following month of the transaction  Withheld by entities and remitted to the Tax Authority 
Sales Tax  Monthly  Within the following 2 months after the reporting month  Remitted to the Sales Tax Authority 
Social Security  Monthly 

Payments Coverage

Papaya Global fully support payments in Egypt

Contractor Payments

Papaya Global supports payments to contractors in Egypt. The payout currency may vary based on the receiver bank account setup when receiving foreign currencies. It is advised for contractors to reach out to their bank to confirm how foreign currencies are handled

Payroll Frequency



IBAN Example Egypt


IBAN in print

EG53 9617 4189 8127 5933 1645 974

Country Code EG
Digit Code 53
Bank code 9617
Branch Code 4189
Account Number 812759331645974


The Know Your Customer (KYC) process in Egypt involves several steps and is required by all financial institutions (FIs). The process consists of two tiers: Full KYC and Simplified KYC.

For Full KYC, FIs require customers to provide their name, address, date of birth, and other information which is then verified using government-issued identification cards, passports, utility bills, and mobile bills. Additional verification such as job license and sports club membership is also conducted. Special consideration is taken if the individual is a Politically Exposed Person (PEP).

Simplified KYC, updated by the Central Bank of Egypt in 2016, requires minimum validation, such as National ID for limited mobile money accounts as an alternative to standard bank accounts with full KYC. In both cases, Customer Due Diligence (CDD) is conducted at customer premises by bank personnel or a Central Bank of Egypt licensed service provider.

The KYC process also includes AI Document Scanning which authenticates and extracts identity data from National ID Cards, passports and driving licenses. The documents are checked for tampering or forgery and the quality of the document is evaluated based on glare and blur.

The extracted data is then verified via existing databases. Facial recognition is also used to ensure the person matches the document. A data validation step is added where the individual is verified via government databases. Lastly, customers are screened for Anti-Money Laundering (AML) and sanctions.

In 2019, the Central Bank of Egypt began testing an electronic Know Your Customer (e-KYC) service, which is expected to allow citizens to access financial services online without the need to visit a physical bank.

Enhanced Due Diligence is also used to add an extra layer of security. Non-compliance with the KYC process, such as refusing to fill the KYC application, is considered suspicious under Egyptian law.

Banking Regulations

The central bank has implemented regulations that impact cross-border workforce payments. One of these is the Purpose of Payment (PoP) requirement.

Starting from 4th December 2022, a PoP code or description became a mandatory requirement for all outgoing domestic and cross-border payments initiated from HSBC Egypt accounts via HSBC’s electronic channels. The payment types in scope include Domestic Automated Clearing House (ACH), Domestic Priority Payment, and Cross-Border Priority Payment.

For domestic foreign currency payments, relationship details also became a mandatory requirement in addition to the Purpose of Payment. Failure to supply either a valid PoP code or description in the appropriate field results in the automatic rejection of payments.

The Central Bank of Egypt has also issued regulations for licensing and the regulatory framework for digital banks, and approved instant payment regulations which are part of a series of reforms across Egypt focused on transforming the way those in the country who don’t have ties to a specific bank conduct their day-to-day business.

Bank Account Opening

To open a company bank account in Egypt, the following requirements need to be met:

1. A valid resident permit with more than six months of validity.

2. Passport-size identity photos.

3. Your passport (original and copy), including your visa.

4. The minimum deposit, which varies from one bank to another and can reach up to several thousands of Egyptian pounds.

5. A duly filled and signed form.

6. Maintain a minimum monthly average balance in deposits and/or investments of EGP 10,000, USD 2,000 or a minimum gross monthly salary of EGP 5,000.

7. Non-Egyptians, and Egyptians with an address not updated in the National ID/Passport need to provide additional documents.

The process requires visiting a bank branch with the required documents. If all the required documents are provided and the conditions are met, the procedures should be completed within an hour.

International Banks

The major foreign banks operating in Egypt are Commercial International Bank (CIB); QNB Alahli; Faisal Islamic Bank of Egypt; Credit Agricole Egypt; Abu Dhabi Islamic Bank-Egypt; Egyptian Gulf Bank; Suez Canal Bank; Union National Bank, and First Abu Dhabi Bank Misr (FABMISR).

Major Local Banks

The major local banks operating in Egypt are the National Bank of Egypt (NBE), Commercial International Bank – Egypt (CIB), Banque du Caire, QNB Alahli, Arab African International Bank, Faisal Islamic Bank of Egypt, Housing and Development Bank, and Banque Misr.

Payment Tools

The B2C payment tools available in Egypt include:

1. 2Checkout

2. Paymob

3. Amazon Payment Services (APS) / Payfort

4. Paymentwall

5. PayPal

6. Vapulus

7. Fawry / Fawry Pay

8. Pay Tabs

9. Tap

10. MyFatoorah

11. Paysky / PaySky

12. Inai

13. Khazna

14. OPay

15. Meeza

16. Momkn

17. Masary

18. Aman

19. Valu

20. Shahry

21. Valeo

22. Egyptian Banks Payment Gateways

23. Bee

24. Boyot

25. Ocra

26. Fawaterak

27. Paycoo

28. Jupiter

These tools include digital and mobile wallets, online payment platforms, payment aggregators, and offline payment services. Payments can also be made through cash, cards, and bank transfers.


In Egypt, crypto trading and payments are forbidden under Islamic law and recent amendments to the banking laws. Therefore, it is not possible to pay employees with cryptocurrencies in Egypt.

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