CAIRO - 9 March 2023: The Central Bank of Egypt (CBE) decided Thursday to increase the maximum limits of all transactions conducted through Instapay mobile application as of March 15.
The decision includes increasing the maximum value of a single transaction on the network to LE 70,000, the maximum total daily transactions to LE 120,000, and the maximum monthly transactions to LE 400,000, according to a statement.
InstaPay Egypt is a mobile application that allows direct access to the user's all bank accounts and transfers instantly using your mobile device 24/7.
The CBE noted that more than 16 million instant money transfer transactions through more than 1.8 million customers, were conducted through the application at a value of LE 80 billion since the app was launched.
The new decision of the Central Bank aims to promote the transition to an economy less dependent on banknotes and achieve financial inclusion, in addition to keeping abreast of technological developments, facilitating citizens and encouraging them to continue using electronic payment methods and channels, accommodating the requirements of different customer categories to improve financial services, and attract new customers to the sector.
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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