Urgent| The “InstaPay” application’s exemption from transfer fees will end at the end of next December
The InstaPay Egypt application intends to impose fees on money transfers starting at the end of next December, after the expiry of the period for temporarily exempting the application from collecting any fees.
Last December, the Central Bank issued a decision to take effect of the decisions that were issued to enhance financial inclusion. For a period of one year, starting from January 1 until December 31, 2023, which includes exempting customers from all expenses and commissions related to bank transfer services for individuals that are made through electronic channels (internet and mobile banking) in Egyptian pounds. And continuing to exempt customers from the national system for real-time payments – which was launched. In April 2022 – from all expenses and commissions related to real-time transfer services, as the system is one of the most important infrastructure projects for payment systems sponsored by the Central Bank of Egypt to be an integrated alternative to cash payments that provides all transfer services to customers in real-time, 7 days a week, 24 hours a day.
The Central Bank has not yet determined whether the fees will be applied or whether they will be extended for another period on the InstaPay Egypt application
The launch of the national instantaneous payments system “IPN” and the InstaPay Egypt application in March 2022 are among the most important pillars of the digital financial services infrastructure on which the Central Bank of Egypt relies in its transition to a society less dependent on banknotes, as it includes 27 banks that allow the transfer of funds between their customers. .
On March 15, 2023, the Central Bank decided to raise the value of a single transaction on the instant payments network, the InstaPay Egypt application, to 70,000 Egyptian pounds, the maximum total daily transactions to 120,000 Egyptian pounds, and the maximum monthly transactions to 400,000 Egyptian pounds.
According to the latest official statement from the Central Bank, the number of InstaPay application customers has reached more than 6.2 million customers.