Central Bank of Egypt to soon allow ATM withdrawls for InstaPay users

The Deputy Assistant Governor of the Central Bank of Egypt (CBE) for Banking Operations and Payment Systems Ehab Nasr announced on Friday that more services will be launched on InstaPay soon – including cash withdrawal through ATMs.

The Central Bank on Thursday chose to continue free InstaPay application transactions, and cancel the fee-imposing scheme that was scheduled to take effect starting next year.

The CBE’s Board of Directors issued a set of decisions including exempting customers from all expenses and commissions related to bank transfer services made through internet and mobile banking in Egyptian pounds.

The decisions also included exemption from all expenses and commissions related to transfer services for customers of InstaPay.

The CBE said that these decisions will take effect as of January 1, and come as a continuation of its efforts to motivate citizens to use digital financial services, and benefit from the advantages it provides to complete financial services quickly, anywhere and at any time.