Launched last year, InstaPay - licensed by the CBE via the National Instant Payment Network – provides Egyptians with a seamless and instant e-payment and transfer method between various banks
Net activity revenues reached around EGP 407.592 billion, compared to EGP 272.230 billion, with total expenses recording around EGP 276.758 billion compared to EGP 178.8 billion
The increase, effective March 15, 2023, is a response to growing demand from customers, with the CBE citing opinion polls
Under the new regulations, banks will be able to roll out services that support these payments soon, though the statement does not specify a timeline
This marks the second consecutive drop in external debt, with the final quarter of FY2021/2022 logging in $155.708 billion
