InstaPay is expected to roll out the remittance services in the first half of 2024
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
Mobile wallets are becoming more popular as the number of transactions using mobile wallets have more than doubled annually, hitting 212 million transactions
The company revealed that it would be using the fresh funding to push ahead in expanding into Saudi Arabia, Egypt, Pakistan and Ghana
