Egypt’s instant payment network will begin charging fees ranging from 50 piastres to EGP 20 on transfers made through its “Instapay” application starting April 1st. The service will also limit free balance inquiries to 10 per month.
Instapay said the fees, a minimum of 50 piastres and a maximum of EGP 20 per transfer, are intended to improve the quality of services and ensure the sustainability of operations with high efficiency and quality.
A fee of 0.1% of the transaction value will be applied to each transfer, with the set minimum and maximum amounts. The application will also allow 10 free balance or mini-statement inquiries per month for each customer, with a fee of 50 piastres applied to each additional inquiry. The move comes after a significant expansion of the “Instapay” application since its launch in April 2022, during which transfer and inquiry services were offered free of charge for the past three years.
The network affirmed Instapay’s commitment to providing competitive digital financial solutions, with multiple support channels to assist customers with any inquiries regarding the new fees through official application channels. It also said it will follow the highest standards of transparency by clarifying the fees due on transactions through the application before their execution.
The number of “Instapay” users reached 12 million by the end of 2024. The network aims to support the development of digital infrastructure and launch new services and features that meet user needs, and ensure the continued provision of network services and the “Instapay” application with the highest international quality standards, in line with the Central Bank of Egypt’s vision for digital transformation.
