Arab Finance: The Central Bank of Egypt (CBE) has announced the renewal of the exemption from all expenses and commissions for transfer services through the instant payment network, Instapay, as per a statement.
The exemption will extend for an additional three months, starting on January 1st, 2025, and remains subject to renewal.
This decision also includes the continuation of fee waivers for individual bank transfers made in Egyptian pounds through electronic channels.
The CBE added that InstaPay witnessed a significant increase in the volume of transactions executed through it - reaching nearly 1.5 billion transactions worth up to EGP 2.9 trillion during 2024.