In a recent statement, the Central Bank of Egypt (CBE) has officially announced the continuation of free-of-charge money transfer services by InstaPay, the country’s inaugural Payment Service Provider (PSP). The CBE’s board of directors issued a decree on Thursday, effective January 1, 2024, extending the exemptions on InstaPay fees. This decision aligns with the CBE’s ongoing initiatives to promote the digital transformation of the economy.
Launched in 2022, InstaPay has been instrumental in facilitating seamless transactions, allowing users to transfer and receive funds between their bank accounts and any Egyptian bank account or digital wallet. Additionally, users can conveniently check their bank statements through the InstaPay app.
