This move comes as part of the network’s ongoing commitment to delivering innovative and efficient digital financial services that meet users’ evolving needs, while also ensuring long-term service sustainability.
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 CBE has issued the necessary licenses and approvals for several local banks to enable them to receive international remittances and instantly deposit them into customers' accounts using the country's real-time payment network.
This service aims to enhance digital transformation and reduce reliance on cash, aligning with the bank’s efforts to develop electronic financial infrastructure.
Nasr revealed that the number of InstaPay users has surged to 11.5 million within just two years. By the end of 2024, transactions through the platform are expected to reach 1.5 billion, with a total value estimated at EGP 2.6 trillion.
