Egypt’s central bank extends no fees for InstaPay money transfer services

Egypt’s first Payment Service Provider (PSP) InstaPay will continue to provide free of charge money transfer services, the Central Bank of Egypt (CBE) confirmed in a statement on Thursday.

The CBE’s board of directors issued a decree to extend the exemptions on InstaPay fees as of January 1, 2024, as part of efforts to foster digital transformation of the economy.

Launched in 2022, Egypt’s first Payment Service Provider (PSP) InstaPay app enables users to transfer and receive money from their bank accounts to any Egyptian bank account or digital wallet, and check their bank statements.