CAIRO - 26 March 2023: The Central Bank of Egypt (CBE) revealed that it conducted 20.3 million transactions worth LE 112.7 billion for 2.16 million customers via the instant payments network “InstaPay” during the first year of its launch.
The CBE said, in a statement, that 70 percent of the transactions were conducted after the official working hours, and 30 percent during the official working hours.
It exempted the dealers of that system, which was launched in April 2022, from all expenses and commissions related to instant transfer services.
InstaPay is the first mobile application licensed by the CBE as a payment service provider via the Instant Payment Network. The Egyptian Banks Company, the CBE’s technological arm, has developed the Instant Payment Network and InstaPay application under the guidance of the CBE and was assisted by global leading consulting firms specialized in payment networks and applications security.
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