Cairo 30 Dec 2024:
In alignment with Egypt’s Vision 2030 to promote digital transformation, the Central Bank of Egypt’s (CBE) Board of Directors issued a set of decrees that include extending the exemption of all fees and commissions applicable to bank transfer services, conducted through electronic channels (internet banking and mobile banking applications) in Egyptian pound. Furthermore, the exemption also applies to all transfers executed by customers through the national Instant Payment Network (IPN) and InstaPay application.
The issued decrees – effective as of January 1st, 2025, for an initial period of three months – come within the framework of the CBE’s ongoing efforts to incentivize individuals to drive the adoption of digital financial services and leverage from its wide range of benefits, as well as the availability of banking services from anywhere and in a timely manner. Consequently, the usage of digital financial services contributes to the state’s digital transformation towards a less-cash dependent society and promotes financial inclusion.
Noteworthy, the CBE’s national Instant Payment Network – inaugurated in April 2022 – is one of the key component payment systems’ infrastructure projects. IPN’s services offer a convenient and efficient alternative to cash payments, providing instant transfer services 24/7 to all banks’ customers.
The IPN had witnessed a substantial growth in the transactions volume carried out through it, reaching nearly 1.5 billion transactions worth approximately EGP 2.9 trillion in 2024. Additionally, the total number registered on “InstaPay” application reached about 12.5 million users.
