Central Bank of Egypt Reduces Digital Banking Transaction Fees

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.