PHOTO
Arab Finance: Egypt’s instant payment application Instapay has become profitable after introducing a 0.1% transaction fee in April 2025, with no significant decline in user adoption, EnterpriseAM reported, citing a senior official at the Central Bank of Egypt (CBE).
The fee, introduced a year ago, ranges from a minimum of EGP 0.50 to a maximum of EGP 20. Usage of the CBE-backed platform has continued to grow, maintaining its role as a link between bank accounts and the expanding e-wallet ecosystem.
In addition, Maged Fahmy, former Chairman of the Industrial Development Bank (IDB), explained to Enterprise that the fee structure reflects standard market practice, saying, “Transfer fees exist everywhere; they are standard service fees.”
Fahmy also noted that the relatively low charge is unlikely to significantly affect user behavior, adding that factors such as rising inflation and the current EGP 70,000 transaction cap are more likely to influence how customers use the app.
Also, Mohamed Abdel Moneim, Assistant Deputy CEO at NBK Corporate Finance, said the fee could encourage users to focus on essential transactions, adding that Instapay continues to hold a leading position in the market.
The platform also serves as a channel connecting bank accounts with mobile wallet services operated by telecom providers, accounting for around 65% of incoming transfers.
Fahmy said the app’s appeal lies in its functionality, particularly its ability to integrate multiple bank accounts in one interface, along with its perceived reliability.
However, Hany Abou El Fotouh, Managing Partner at Alraya Consulting and Training, said the competitive landscape is evolving. While Instapay remains a primary option for large interbank transfers, other applications are entering the market to serve different use cases.
It is worth mentioning that the CBE reported a surge in financial transactions carried out through the instant payment network (IPN) during the first quarter (Q1) of 2025, reaching 263 million, with a total value exceeding EGP 1.2 trillion.
Transfer fees have been applied to the InstaPay app as of April 1st, 2025, at 0.1% of the transaction value.
The app allows up to 10 free balance inquiries or mini statements monthly, with a fee of EGP 0.50 on additional inquiries.
