(MENAFN- Daily News Egypt) In line with Egypt's Vision 2030 to foster digital transformation, the Central Bank of Egypt (CBE) has issued a new set of decrees extending the exemption of fees and commissions for bank transfers made via electronic channels, including internet banking and mobile banking apps in Egyptian pounds. This exemption also applies to all transfers executed through the national Instant Payment Network (IPN) and the InstaPay application.

Effective from January 1, 2025, the new decrees will remain in place for an initial period of three months. This extension is part of the CBE's ongoing efforts to encourage greater adoption of digital financial services, highlighting their convenience and the wide range of benefits they offer, including access to banking services anywhere and at any time. Promoting the use of digital financial services supports Egypt's goal of reducing cash dependency and advancing financial inclusion.

The national Instant Payment Network (IPN), launched in April 2022, is a central component of Egypt's modern payment infrastructure. IPN enables instant 24/7 transfers across all participating banks, offering a secure and efficient alternative to cash payments. In 2024, the IPN saw remarkable growth, with nearly 1.5 billion transactions valued at approximately EGP 2.9trn. Additionally, the InstaPay application has gained significant traction, with over 12.5 million users registered.

Through these initiatives, the CBE continues to drive Egypt's transition to a more digital economy, paving the way for a future where financial services are more accessible and inclusive for all citizens.

MENAFN31122024000153011029ID1109043820