The financial sector is closely watching the Central Bank of Egypt (CBE) as the current fee exemption for InstaPay transactions approaches its expiration at the end of this month.
In December, the CBE introduced a three-month waiver on InstaPay transfer fees, with the possibility of an extension, as part of Egypt’s Vision 2030 strategy to accelerate digital transformation. This initiative was complemented by additional measures, including the continued exemption of fees and commissions on bank transfers for individuals using online and mobile banking services in Egyptian pounds.
These exemptions took effect on January 1, 2025, and are set to expire in late March, pending a renewal decision.
The CBE aims to drive broader adoption of digital financial services, facilitating seamless transactions anytime and anywhere. This move aligns with Egypt’s efforts to minimize cash dependency and enhance financial inclusion.
Since its launch in April 2022, the instant payments network has become a cornerstone of Egypt’s digital payment infrastructure, offering a fully integrated alternative to cash transactions. Users can transfer funds instantly, 24/7, with ease.
The network has witrnessed a surge in activity, processing nearly 1.5 billion transactions valued at EGP 2.9trn in 2024. Additionally, the number of registered users has grown to approximately 12.5 million, underscoring its rapid adoption and impact on Egypt’s financial ecosystem.
