The decision aims to encourage the transition to a cashless society and meet the needs of customers following the large boom in the volume of financial transactions on the network during the past year.
Within the framework of implementing the strategy of the National Council for Payments headed by President Abdel Fattah El-Sisi to support the transformation of the digital economy, and in continuation of efforts to support and stimulate the use of electronic payment methods and channels, the Central Bank of Egypt decided to increase the maximum limits for all transactions on the applications of the real-time payment network (InstaPay) as of March 15, 2023 .
The decision includes increasing the maximum value of a single transaction on the network to 70,000 (seventy thousand) Egyptian pounds, the maximum limit for total daily transactions to 120,000 (one hundred and twenty thousand pounds) Egyptian pounds, and the maximum monthly transactions to 400,000 (four hundred thousand) Egyptian pounds.
The new increases in the maximum limits for transactions come in light of the Central Bank’s follow-up to customer requests, as well as opinion polls on the service, especially with the great expansion and increasing demand for the real-time payment system (InstaPay) since its launch, as it witnessed the implementation of nearly 16 million instant transfer transactions. With a value of approximately 80 billion pounds through more than 1.8 million customers, in addition to that it is intended to launch more new and innovative services across the system during the coming period.
The new decision of the Central Bank aims to promote the transition to an economy less dependent on banknotes and achieve financial inclusion, in addition to keeping abreast of technological developments, facilitating citizens and encouraging them to continue using electronic payment methods and channels, accommodating the requirements of different customer categories to improve financial services, and attract new customers. for the banking sector.
