Arab Finance: The Central Bank of Egypt (CBE) has exempted customers from all fees related to bank transfer services executed via electronic channels in the Egyptian pound, according to a statement.
It has also waived fees associated with bank transfers within the Instant Payment Network.
The decision is effective as of January 1st, 2024.
The CBE added that transactions conducted through InstaPay in 2023 were worth EGP 815 billion.
InstaPay served over 6.5 million users who carried out 404 million transactions last year.