The exemptions for all fees and commissions on bank transfer services for individuals conducted through electronic channels (internet and mobile banking) in Egyptian pounds have also been extended.
The Board of Directors of the Central Bank of Egypt (CBE) decided to extend the exemption of all fees and commissions for transfer services for users of the InstaPay app, national instant payments system for 3 months.
The exemptions for all fees and commissions on bank transfer services for individuals conducted through electronic channels (internet and mobile banking) in Egyptian pounds have also been extended.
These decisions, effective January 1, 2025, aim to encourage citizens to use digital financial services and benefit from their advantages, such as performing financial transactions quickly, anytime, and anywhere.
This supports Egypt’s vision of transitioning to a less cash-reliant society and enhancing financial inclusion.
It is worth noting that the national instant payments system, launched in April 2022, is one of the most significant infrastructure projects in payment systems overseen by the Central Bank of Egypt.
It provides a comprehensive alternative to cash payments, enabling instant transfers for customers 24 hours throughout the week.
The system has witnessed a significant increase in transaction volumes, reaching nearly 1.5 billion transactions valued at EGP 2.9 trillion in 2024, with approximately 12.5 million users utilizing the service.
