The Central Bank of Egypt (CBE) extended the exemption of online banking transfers in Egyptian pound from all fees and commissions for a year until December 31st, 2023, the Middle East News Agency (MENA) reported on December 25th.

The CBE also exempted users of the instant payment network (IPN), InstaPay, from all fees and commissions pertaining to instant transfers.

The central bank revealed that the number of instant payment transactions executed via InstaPay and CBE’s online platforms reached over 8 million in less than eight months at a value of more than EGP 45 billion.

Moreover, the CBE canceled all e-collection activation fees for e-commerce services for micro-, small-, and medium-sized enterprises (MSMEs).

The bank exempted the first transaction each month for all users of mobile wallets from fees of transfers to other wallets.

The CBE set a cap of EGP 1 for transfer fees incurred by clients for transactions conducted between mobile wallets of the same service provider.

The bank also set a cap of EGP 15 for transfer fees among different service providers' mobile wallets.

On December 25th, the CBE decided to extend the tourism initiative and the initiative to support retail facilities related to tourism until the end of March 2023.

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