Egypt’s central bank extends no fees for InstaPay services – sources

Egypt’s central bank (CBE) has postponed plans to impose fees for interbank money transfer services through InstaPay, a source with firsthand knowledge of the matter told Amwal Al Ghad on Thursday.

“During the past few hours, the CBE has instructed banks that participate in the InstaPay not to impose any money transfer fees,” the source said.

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, as well as check their bank statements, with zero fees.

As part of the country’s strategy to promote digital transformation, the CBE increased transaction limits last March, enabling users to transfer a total of 120,000 Egyptian pounds a day ($3,880) and 400,000 pounds ($12,935) a month, up from 60,000 pounds and 200,000 pounds.