Friday 31 Jan
As part of Egypt’s Vision 2030 to foster digital transformation, the Board of Directors of the Central Bank of Egypt (CBE) has issued a set of decisions that include extending the exemption of all fees and commissions on individual banking transfer services via internet and mobile banking in Egyptian pounds.
The CBE has also decided to extend the exemption of all fees and commissions for transfer services made through the National Instant Payment System and InstaPay.
These exemptions will be in
effect from January 1, 2025, for an initial three-month period, subject to
renewal. The Central Bank encourages the citizens to use digital financial
services and benefit from the advantages offered in completing financial
services quickly, from any location at any time, contributing to the
realization of the state’s vision of transforming into a society less reliant
on cash and promoting financial inclusion.
The National Instant Payment
System, launched in April 2022, is a crucial payment infrastructure initiative
supported by the CBE. It serves as a comprehensive alternative to cash
payments, enabling customers to make instant transfers 24/7.
In 2024, the system experienced significant growth, processing nearly 1.5 billion transactions valued at approximately 2.9 trillion Egyptian pounds. The number of users has also surged, reaching nearly 12.5 million.
