As part of its commitment to advancing digital transformation in line with Egypt’s Vision 2030, the Central Bank of Egypt (CBE) has announced the extension of a fee exemption for bank transfers conducted through electronic channels. This includes transfers via internet banking and mobile banking apps in Egyptian pounds, as well as transactions made through the national Instant Payment Network (IPN) and the InstaPay application.
New Decrees to Boost Digital Financial Services
The extended exemption, effective from January 1, 2025, will last for an initial period of three months. This move is part of the CBE’s ongoing efforts to drive the adoption of digital financial services in Egypt. By removing fees for these transactions, the CBE aims to encourage wider usage of digital banking solutions, showcasing their convenience and a range of benefits, including 24/7 access to banking services and seamless transactions across platforms.
A Step Toward Reducing Cash Dependency
The initiative aligns with Egypt’s broader goals to reduce cash dependency and enhance financial inclusion. By promoting digital alternatives to traditional cash payments, the CBE hopes to bring more citizens into the formal financial system, especially those previously excluded from banking services. This is a key component of Egypt’s effort to modernize its economy and provide equitable access to financial services.
Growth of the National Instant Payment Network (IPN) and InstaPay
The Instant Payment Network (IPN), launched in April 2022, plays a central role in Egypt’s evolving payment infrastructure. With its ability to facilitate instant, 24/7 bank transfers across participating institutions, IPN offers a secure and efficient alternative to cash payments. In 2024, IPN achieved significant milestones, processing nearly 1.5 billion transactions valued at approximately EGP 2.9 trillion.
Meanwhile, the InstaPay application has gained considerable traction, with over 12.5 million users registered by the end of 2024. InstaPay enables users to complete transactions in real-time, contributing to the growing acceptance of digital payments in Egypt.
Advancing Egypt’s Digital Economy
With these initiatives, the CBE continues to lead Egypt’s transition toward a digital economy, where financial services are more accessible and inclusive. The fee exemption program, along with the growing success of IPN and InstaPay, is expected to further drive the adoption of digital payment solutions across the country.
