The Central Bank of Egypt (CBE) decided to increase the limit for each transaction on Instapay to EGP 70k, from EGP 50k previously, according to a recently published circular.
The daily transaction limit on the CBE’s national digital payments app will become EGP 120k, up from EGP 60k previously, while monthly transactions will be capped at EGP 400k, rising from EGP 200k.
The new limits come into effect next Wednesday, 15 March.
“InstaPay” is the first mobile application licensed by the CBE as a payment service provider via the Instant Payment Network.
The Egyptian Banks Company, the CBE’s technological arm, has developed the Instant Payment Network and InstaPay application under the guidance of the CBE and was assisted by global leading consulting firms specialized in payment networks and applications security.
The new scheme adopts stringent security systems to ensure the highest protection for data and transactions, with end-to-end encryption where data storage is restricted.
