The Central Bank of Egypt (CBE) has increased the maximum limit of transactions through the real-time payment network “InstaPay” as of 15 March 2023, within the framework of the strategy of the National Payments Council to support the digital transformation of the Egyptian economy.
The maximum limit of a single transaction via InstaPay increased to EGP 70,000, while the maximum limit of transactions per day increased to EGP 120,000, and the maximum monthly limit is EGP 400,000.
The CBE said that the increase in the maximum limits for transactions come in light of its follow-up to customer requests, as well as opinion polls on the service, especially with the great expansion and increasing demand for the system since its launch. Nearly 16 million transfer transactions were implemented by over 1.8 million customers on InstaPay with a value of approximately EGP 80bn.
It pointed out that this decision aims to promote the transition to an economy less dependent on banknotes and achieve financial inclusion, in addition to keeping abreast of technological developments and facilitating citizens and encouraging them to continue using electronic payment methods and channels, accommodating the requirements of various customers.