The Central Bank of Egypt (CBE) announced the registration of 2.16 million customers in the “InstaPay” payments application, during the first year of its establishment.
In a statement issued on Sunday, the Central Bank stated that the application recorded 20.3 million transactions during the first year, with a value of EGP 112.7 billion.
It stressed that the times of executing transactions through the application were 70% after the official working hours and 30% during the official working hours.
The CBE had amended the maximum limits for financial transactions that take place through the application to raise the maximum transaction value from EGP 50,000 to EGP 70,000.
The daily maximum value of transactions was also raised from EGP 60,000 to EGP 120,000, and the monthly maximum value of transactions became EGP 400,000 instead of EGP 200,000, as of March 15.
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