The Central Bank of Egypt (CBE) has launched a national digital payment app, InstaPay, which provides instant and secure payments between Egyptian banks, Meeza cards, and mobile wallets via its new nationwide instant payment network (IPN), it said in a statement.
Transaction fees will be waived on the app until June, said Ehab Nasr, CBE’s assistant sub-governor for banking operations and payment systems. The central bank didn’t disclose how much people will have to pay to transfer money after that date.
Who’s in? The network currently includes the CIB, the National Bank of Egypt, Banque Misr, Alexbank, QNB Al Ahli, Arab Bank, AAIB, Banque du Caire, Egyptian Gulf Bank, and SAIB, the statement said, with an eye to eventually include all banks in Egypt. You can download the app on Google Play and the App Store. Or search for “Instapay Egypt” in the search bar to make sure you find it and not the other apps of the same name.
