CBE offers one-year incentives to support e-payments

The Central Bank of Egypt (CBE) announced Sunday new incentives to support the country’s digital transformation, including cashless transaction adoption, set to last from 1 January – 31 December 2023.

Under these incentives, Egyptian pound-backed transactions made online will be exempted from all fees and commissions.

Also, all fees and commissions on transactions made through the national Instant Payment Network (IPN) and its related mobile app Instapay powered by the CBE, will be waived.

The action comes within the framework of the National Council for Payments’ strategy to support digital transformation.

According to the Central Bank, since it was launched in April, IPN conducted 8 million transactions with a total value of EGP 45bn. The number of users also increased to 1.2 million.