The Instant Payment Network (IPN) announced on Tuesday, 25 March, that it will introduce new transaction fees for services provided through its InstaPay app, starting 1 April.
InstaPay is an application that allows direct access to all your bank accounts and transfers instantly using your mobile devices.
Under the new structure, InstaPay will charge a fee of 0.1 percent of the transfer amount for each transaction. However, the fee will never be less than 50 piastres (EGP 0.50) and will not exceed EGP 20 per transaction.
Users will also get 10 free balance inquiries or mini-statements per month. After that, each additional inquiry will cost 50 piastres (EGP 0.50).
Since its launch in April 2022, the Central Bank of Egypt’s IPN has played a crucial role in modernizing Egypt’s financial infrastructure by enabling instant 24/7 transfers.
In 2024, transactions processed through the network surged to nearly EGP 1.5 billion (USD 29.65 million), with a total value of EGP 2.9 trillion (USD 57.32 billion).
CBE reported that the InstaPay payments application registered 2.16 million users within its first year of operation. During this period, the app facilitated 20.3 million transactions, amounting to a total value of EGP 112.7 billion (USD 2.28 billion).
In November 2024, CBE expanded InstaPay services to Egyptians in Gulf countries, enabling direct money transfers to Egypt through the app.
This is part of the information and communications technology ( ICT )2030 strategy, which focuses on building a Digital Egypt by enhancing infrastructure, fostering digital inclusion, encouraging innovation, and advancing Egypt’s global standing.
InstaPay, operational 24/7, facilitates secure, instant bank transfers with transaction limits set at EGP 70,000 (USD 1,414) per transaction and EGP 400,000 (USD 8,079) monthly.
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