Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie

CBE: InstaPay Attracts 6.2 Million Customers in 1.5 Years

Mon 20 Nov 2023 | 12:06 AM
The Central Bank of Egypt (CBE)
The Central Bank of Egypt (CBE)
Taarek Refaat

Ayman Hussein, Deputy Governor of the Central Bank revealed that the InstaPay app succeeded in attracting 6.2 million customers in just a year and a half.

He pointed out, during the 27th session of the International Technology Conference for the Middle East and Africa (Cairo ICT 23), that 1.2 million electronic points of sale and 23,000 ATMs operate in the country with a strong cybersecurity system.

InstayPay is an application that gives you direct access to all bank accounts and transfer money instantly through your mobile phone and Meeza prepaid cards of the banks that provide the service.

From the beginning of January 2024, the CBE intends to impose small fees on transactions using “InstaPay” through the national network for real-time payments, after cancelling fees over a period of 21 months since the launch of the service in March 2022.

The decision will expire at the end of December 2023 in the event that a new decision is not issued to extend the service’s exemption from fees.

An official source said that the fees on InstaPay transactions will be very slight, ranging between 50 piasters to one pound, depending on the value of the transaction.

On the other hand, the Central Bank of Egypt is conducting negotiations with the central banks in Saudi Arabia, the Emirates, and Jordan to allow financial transfers to customer accounts in Egypt using a mobile phone via the “InstaPay” application, starting next year, for the first time, according to informed sources.