The FinMin underlined the stability of Egypt’s e-payment channels for taxes, growing a steady 30% with a reported EGP 1.9 trillion collected
Launched in 2022, the Instant Payment Network (IPN) – not to be confused with the InstaPay app – is a national network linking all operating banks within Egypt, facilitating the instantaneous execution of all banking transfer services 24/7
Earlier this year, the CBE had previously mentioned that it would impose fees on transactions made via the app in early 2024
The number of financial services companies raised from 32 to 177 companies, which contributed to attracting $800 million from 2017 to 2022,
InstaPay is expected to roll out the remittance services in the first half of 2024
