Central Bank of Egypt Reduces Digital Banking Transaction Fees
Amidst the rise of digital baking services in Egypt, the Central Bank of Egypt has implemented a new reduced pricing strategy.
The Central Bank of Egypt (CBE) announced reducing charges on mobile banking transactions of up to EGP 1, in an effort to promote mobile banking as an efficient and eco-friendly alternative to cash transactions.
The new pricing strategy entails implementing a free-of-charge transaction at the beginning of each month to any mobile wallet and maximizing transaction fees to EGP 1 if the transfers are within the mobile network operator, as well as free-of-charge transactions using ‘InstaPay’, a digital banking application kickstarted by CBE in April.
Mobile banking transfer fees across different network operators were also set at a maximum of EGP 15 per transaction. CBE also announced that mobile banking users have seen a recent increase reaching 29.5 million accounts in October 2022, and has prioritized the service as part of a nationwide move towards financial inclusion and digitization.
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