Written by – Ahmed Yacoub Thursday 28 December 2023 18:49 As part of Egypt’s Vision 2030 to support digital transformation, the Board of Directors of the Central Bank of Egypt has issued a series of decisions that include exempting customers from all charges and commissions related to bank transfer services for individuals carried out through electronic channels (Internet and mobile banking) in Egyptian pounds, as well as exemption from all charges and commissions related to transfer services for customers of the national system for real-time payments.
These decisions – which will come into force from 1 January 2024 – represent the continuation of the Central Bank of Egypt’s efforts to motivate citizens to use digital financial services and benefit from the advantages it offers to complete financial services quickly, from anywhere and at any time, which contributes to the transformation of a society less dependent on banknotes and the strengthening of financial inclusion.
It is worth mentioning that the national real-time payments system – launched in April 2022 – is one of the most important infrastructure projects for Central Bank-sponsored payment systems, to be an integrated alternative to cash payments that guarantees all transfers services customers in real time, 7 days a week, 24 hours a day.
The system has seen a significant increase in the volume of transactions carried out through it – reaching 404 million transactions worth £815 billion in 2023 across the InstaPay application and the bank’s electronic channels – and the number of users of the service has reached over 6.5 million customers. .
2023-12-28 16:49:00
#Central #Bank #decides #exempt #individuals #transfer #fees #InstaPay #application