Cairo – Mubasher: In alignment with Egypt's Vision 2030 to promote digital transformation, the Central Bank of Egypt’s (CBE) board of directors issued a set of decrees for bank transfer services to be effective starting 1 January 2025.
The decrees include extending the exemption of all fees and commissions applicable to bank transfer services, conducted through electronic channels, whether internet banking and mobile banking applications, in the Egyptian Pound (EGP), according to an official statement.
Furthermore, the exemption also applies to all transfers executed by customers through the national Instant Payment Network (IPN) and InstaPay application.
The issued decrees are valid for an initial period of three months and come within the framework of the CBE's ongoing efforts to incentivise individuals to drive the adoption of digital financial services and leverage from its wide range of benefits, as well as the availability of banking services from anywhere and in a timely manner.
Consequently, the usage of digital financial services contributes to the state’s digital transformation towards a less-cash dependent society and promotes financial inclusion.
Noteworthy, the CBE's national IPN which was inaugurated in April 2022 is one of the key component payment systems’ infrastructure projects.
Furthermore, IPN’s services offer a convenient and efficient alternative to cash payments, providing instant transfer services 24/7 to all banks’ customers.
The IPN had witnessed a substantial growth in the transactions volume carried out through it, reaching nearly 1.50 billion transactions worth approximately EGP 2.90 trillion in 2024.
Additionally, the total number registered on InstaPay application reached about 12.50 million users.
