Egypt’s first Payment Service Provider (PSP) InstaPay is set to add fees for transactions at the beginning of 2024. The app — launched in May 2022 — allows users to transfer and receive money from their bank accounts to any Egyptian bank account or digital wallet, as well as check their bank statements, with no additional fees.
“InstaPay will continue providing a free of charge service until the end of 2023,” explains a social media representative from InstaPay in response to Egyptian Streets’ enquiry.
The service was licensed by the Central Bank of Egypt (CBE) last year as a tool to enhance Egypt’s growing digital economy. The application relies on data and encryption security ensuring the restriction of access to any data between the client and their bank.
“The launch of the new Instant Payment Network marks a key milestone on our roadmap for the national payment landscape. Our goal is to ensure the independence of payments in Egypt, promote the National Payments Council’s vision of transforming society towards less dependency on banknotes, and enabling convenient, secure, and affordable digital financial transactions for all Egyptians,” said Tarek Amer, the governor of the CBE at the time of the app’s launch.
Since its launch, InstaPay has been making strides as a leading digital wallet in Egypt. There are currently transfer limits on the app, amounting to EGP 70,000 per transaction (USD 2,269), EGP 120,000 daily debit per bank (USD 3,890), and EGP 400,000 monthly debit per bank (USD 12,967).
Although there is still no official indication of the prospective fees’ amount, the move has been widely expected by InstaPay users in Egypt.