By 
In a move aligned with Egypt’s Vision 2030 to promote digital transformation, the Central Bank of Egypt (CBE) has announced an extension of the fee and commission exemption for bank transfers made through electronic channels. This includes internet banking, mobile banking apps, and transfers via the Instant Payment Network (IPN) and InstaPay application.
Effective January 1, 2025, the extension will remain valid for an initial period of three months, reinforcing the CBE’s commitment to advancing digital financial services.
Supporting Financial Inclusion and Cashless Transactions
The CBE’s decision underscores its strategy to reduce cash dependency and support financial inclusion. By encouraging the adoption of digital financial services, the initiative enhances accessibility and convenience, enabling users to perform transactions anytime and anywhere.
Modernizing Egypt’s Payment Infrastructure
Launched in April 2022, the IPN is a cornerstone of Egypt’s payment modernization efforts, providing secure and instant 24/7 transfers between participating banks. It serves as a cost-effective and efficient alternative to traditional cash payments.
In 2024, the IPN processed approximately 1.5 billion transactions worth EGP 2.9 trillion. Similarly, the InstaPay application has seen rapid growth, boasting over 12.5 million registered users by the end of the year.
Driving a Digital Economy
These initiatives reflect the CBE’s dedication to fostering a digital-first economy, ensuring financial services are accessible to all segments of society. By maintaining fee exemptions, the CBE is paving the way for wider adoption of digital payment solutions, promoting economic inclusivity, and reducing reliance on cash-based transactions.
As Egypt continues to transition toward a more digital economy, these measures signify a major step forward in achieving the nation’s long-term financial inclusion and digital transformation goals.
Comments