It is noteworthy that the Board of Directors of the Central Bank of Egypt issued a set of decisions that include exempting customers from all expenses and commissions related to bank transfer services for individuals that are made through electronic channels (the Internet and mobile banking) in Egyptian pounds, as well as exempting from all expenses and commissions related to transfer services for customers of the National Payments System. Instantaneous.
These decisions – which were effective as of January 1, 2024 – come as a continuation of the efforts of the Central Bank of Egypt to motivate citizens to use digital financial services, and to benefit from the advantages it offers to complete financial services quickly, from anywhere and at any time, which contributes to the transformation of a less dependent society. on banknotes and promoting financial inclusion.
It is worth noting that the national system for real-time payments – which was launched in April 2022 – is one of the most important infrastructure projects for payment systems sponsored by the Central Bank, to be an integrated alternative to cash payments that provides all transfer services to customers in real-time, 7 days a week, 24 hours a day.
The system has witnessed a significant increase in the volume of transactions carried out through it – reaching 404 million transactions worth 815 billion pounds in 2023 through the InstaPay application and the bank’s electronic channels – and the number of service users has reached more than 6.5 million customers.
