CBE extends exemption from transfer fees on InstaPay for 3 months

For the first time, on 25 December 2022, the CBE extended the exemption on transactions conducted via its IPN and the InstaPay app for one year until 31 December 2023.

Furthermore, the CBE extended the exemption of all fees and commissions on online banking transfers in Egyptian pounds for one year until 31 December 2023.

The CBE also extended the exemption to include all fees and commissions for bank transfers conducted through electronic channels, including the internet and mobile banking applications, in Egyptian pounds.

The decrees, effective as of 1 January 2025, for an initial three-month period, are part of the CBE’s ongoing efforts to encourage the adoption of digital financial services.

These services provide numerous benefits, including convenient and timely access to banking services anywhere.

The increased use of digital financial services supports Egypt’s digital transformation, fostering financial inclusion and reducing the reliance on cash.

Notably, the CBE’s national Instant Payment Network (IPN), launched in April 2022, has become a key component of the country’s payment systems infrastructure. IPN offers a convenient and efficient alternative to cash payments, providing 24/7 instant transfer services to all bank customers.

In 2024, the volume of transactions processed through IPN grew significantly, reaching nearly 1.5 billion transactions valued at approximately EGP 2.9 trillion.

Meanwhile, the InstaPay app has registered around 12.5 million users.