InstaPay transactions record EGP 112.7bln over one year – CBE

The Central Bank of Egypt (CBE) has revealed on Sunday that it conducted 20.3 million transactions worth 112.7 billion Egyptian pounds for 2.16 million customers via the instant payments network InstaPay, over a year.

CBE added that 70 percent of these transactions were made outside official working hours, while the remaining 30 percent taking place during official hours.

CBE also had modified the maximum limits for financial transactions to raise the maximum transaction value from 50,000 pounds to 70,000 pounds.

The daily maximum value of transactions was also raised from 60,000 pounds to 120,000 pounds, and the monthly maximum value of transactions became 400,000 pounds instead of 200,000 pounds, starting from March 15.

Noteworthy, that InstaPay is the first payment service provider mobile application licensed by the CBE via the National Instant Payment Network.