The Central Bank of Egypt (CBE) on Thursday moved decided to postpone the imposition of fees on the InstaPay application indefinitely.
The CBE also issued directives to banks participating in the InstaPay real-time payments network to postpone the collection of fees on transactions indefinitely.
The Deputy Assistant Governor of the CBE in the banking operations and payment systems sector, Ihab Nasr, stated during his participation in the Cairo ICT exhibition in November that the Central Bank would begin collecting fees on money transfers via the InstaPay application by early 2024.
An official source at one of the banks explained that the CBE had issued a letter not to impose any fees on transactions conducted through InstaPay and to postpone the decision to impose fees as of the beginning of 2024.
The Central Bank decided to raise the value of a single transaction on the instant payments network, the InstaPay Egypt application, to LE70,000, the maximum total daily transactions to LE120,000, and the maximum monthly transactions to LE400,000.
The number of InstaPay users has reached 6.2 million customers, and the number of transactions carried out on the application has exceeded 350 million transactions, with transaction values exceeding 650 billion pounds in 2023 alone.