As part of its commitment to Egypt’s Vision 2030, the Central Bank of Egypt (CBE) has announced the extension of its initiative to exempt individuals from fees and commissions on bank transfers conducted through electronic channels. This includes internet banking and mobile banking applications in Egyptian pounds, as well as transactions made via the Instant Payment Network (IPN) and the InstaPay application.
Effective Dates and Scope of the Decrees
These new decrees, effective from January 1, 2025, will last for an initial period of three months, with the possibility of renewal.
The CBE aims to encourage citizens to adopt digital financial services, providing them with fast and accessible solutions anytime and anywhere. The initiative also supports the state’s broader goal of transitioning towards a less cash-dependent economy while enhancing financial inclusion.
Instant Payment Network: A Pillar of Financial Infrastructure
Launched in April 2022, the national Instant Payment Network has become a cornerstone of Egypt’s digital payment infrastructure. It offers seamless, real-time fund transfers 24/7, presenting a viable alternative to traditional cash payments for millions of customers.
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Record-Breaking Growth in Transactions and Users
The IPN achieved remarkable milestones in 2024, processing over 1.5 billion transactions with a total value of approximately EGP 2.9 trillion. The InstaPay application, a key component of the IPN, also saw its user base grow significantly to 12.5 million registered users, underscoring the growing demand for digital payment solutions in Egypt.
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