Instapay transfer fees come into effect on Tuesday, 1 April, the central bank’s digital payment platform announced yesterday. Transfers will be subject to a 0.1% fee, ranging from EGP 0.50 and EGP 20 per transaction. The fees will extend to balance inquiries and mini-statements, with users getting ten monthly fee-free inquiries beyond that they will be subject to a EGP 0.50 fee.

The platform clocked up 1.5 bn transactions in 2024, amounting to EGP 2.9 tn that was sent and received by the applications 12.5 mn users.

Instapay was launched in 2022, providing instant and secure payments between Egyptian banks, pre-paid cards, and mobile wallets. It was launched on the heels of the fintech boom that took place during the covid pandemic and has since played an important role in the central bank’s drive for financial inclusion.

REMEMBER- The CBE recently gave the green light to a number of banks to start accepting Egypt-bound remittances from abroad through Instapay as part of efforts to strengthen the infrastructure of electronic financial services.

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