Egypt c.bank extends fee waivers for digital transfers through InstaPay

The Central Bank of Egypt (CBE) announced on Monday the extension of fee waivers for individual bank transfers via the National Instant Payment Network and InstaPay, reinforcing its commitment to driving digital transformation under Egypt’s Vision 2030.

Effective January 1, 2025, the decision grants customers an additional three months of exemption from all fees and commissions on bank transfers conducted through electronic platforms, such as internet and mobile banking, as well as through the Instant Payment Network. The period is renewable, reflecting the CBE’s sustained efforts to encourage widespread adoption of digital financial services.

The move aligns with Egypt’s goal of fostering a cashless society and enhancing financial inclusion by providing citizens with fast, accessible financial services anytime and anywhere.

Launched in April 2022, the National Instant Payment Network has emerged as a cornerstone of Egypt’s payment infrastructure, offering instant fund transfers 24/7. In 2024 alone, the system processed nearly 1.5 billion transactions valued at approximately 2.9 trillion Egyptian pounds, with a user base now exceeding 12.5 million customers.

By incentivising digital adoption, the CBE continues to support the country’s transition toward a modernised, inclusive financial ecosystem.

Attribution: Amwal Al Ghad English