Egypt's CBE extends fee exemption for digital transfers via IPN

The Central Bank of Egypt (CBE) has announced new rules to continue allowing free bank transfers made through online and mobile banking. This rule also covers transactions done through Egypt's Instant Payment Network (IPN) and the InstaPay app. These changes will begin on January 1, 2025, and will last for three months.

The goal of this decision is to encourage more people to use digital banking services, which are convenient and allow people to access their bank accounts anytime and anywhere.

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By making it easier for people to use online payment methods, Egypt is aiming to reduce the use of cash and help more people access financial services. The Instant Payment Network (IPN), which started in April 2022, allows people to send money between banks instantly and at any time. It is a safer and quicker option than using cash.

In 2024, the IPN saw huge growth, with about 1.5 billion transactions totaling around EGP 2.9 trillion. Additionally, the InstaPay app is becoming more popular, with over 12.5 million users.

These changes are part of Egypt's plan to move to a more digital economy, where banking is easier and more available for everyone. This will help more people access the services they need without relying on cash.