On December 28, The Central Bank of Egypt (CBE) announced its new decision to continue offering free transactions through the InstaPay application and to revoke the fee imposition that was supposed to go into effect in 2024.
The Central Bank of Egypt’s Board of Directors has issued a series of decisions that exempt customers from all costs and commissions associated with bank transfer services for individuals made through electronic channels (the Internet and mobile banking) in Egyptian pounds. Additionally, customers of the national real-time payment system are exempt from all costs and commissions associated with transfer services.
The decisions take effect on January 1, 2024, and are part of the Central Bank’s ongoing efforts to encourage the public to use digital financial services and take advantage of the conveniences they provide, such as the ability to complete financial transactions quickly, from any location, at any time, and with minimal dependence on banknotes.
Notably, the Central Bank-sponsored national real-time payments system, which debuted in April 2022, is one of the most significant infrastructure projects for payment systems. It serves as an integrated substitute for cash payments and offers consumers instant access to all transfer services.
Through the application and the bank’s electronic channels, the system has seen a significant increase in transaction volume, with 404 million transactions valued at EGP 815 billion in 2023. Additionally, the number of service users has surpassed 6.5 million.
Moreover, it can link multiple Meeza cards and bank accounts on the same application, as well as simple application registration that doesn’t require going to the bank or requiring any paperwork.
About EGP 70,000 per transaction, EGP 120,000 per day, and EGP 400,000 per month are the maximum amounts that can be transacted through the InstaPay application.
In addition, “InstaPay” will offer bill payment services, which is a significant advancement in improving financial inclusion and encouraging citizens to use electronic payment methods more frequently.
