The increase, effective March 15, 2023, is a response to growing demand from customers, with the CBE citing opinion polls
The Central Bank of Egypt (CBE) has announced that it will raise the transaction limits on its digital payment app, InstaPay.
The increase, effective March 15, 2023, is a response to growing demand from customers, with the CBE citing opinion polls.
The new limits will allow transfers of up to EGP 70k per transaction, up from EGP 50k currently. Users will be able to transfer a total of EGP 120k per day and EGP 400k per month, up from EGP 60k and EGP 200k currently.
The decision to increase transaction limits is part of the National Payments Council's strategy to support the digital transformation of the economy.
The CBE has been closely monitoring the usage of InstaPay since its launch, it wrote in a statement, and has seen a significant expansion in its customer base. The service has seen nearly 16 million transfer transactions, carried out by over 1.8 million customers, with a value of approximately EGP 80 billion.
The announcement comes less than a week after the CBE issued new regulations allowing contactless card payments via mobile apps, which will enable the activation of services from many international companies, including Apple Pay and Samsung Pay.
The CBE aims to accelerate the transition to a cashless society and achieve financial inclusion while keeping up with technological developments.
In March 2022, the CBE announced the official launch of the national system for instant payments InstaPay for banking sector customers, allowing financial transactions to be conducted electronically and instantly.
