The Central Bank of Egypt decided on Thursday 9/3/2023 to raise the maximum limit of transactions value conducted through Instapay mobile application as of March 15.
InstaPay Egypt is an app that allows direct access to all your bank accounts and transfer instantly using your mobile device 24/7.
In a statement, the value of the single transaction conducted through the application was increased to EGP 70,000 while maximum limit of daily transactions was upped to 120,000 pounds.
The app users can now transfer up to 400,000 pounds monthly under the new decision of the CBE, the statement said.
The bank noted that more than 16 million instant money transfer transactions were conducted through the application at a value of 80 billion pounds since the app was launched.
InstaPay is the first mobile application licensed by the CBE as a payment service provider via the Instant Payment Network. The Egyptian Banks Company, the CBE’s technological arm, has developed the Instant Payment Network and InstaPay application under the guidance of the CBE and was assisted by global leading consulting firms specialized in payment networks and applications security.
The new scheme adopts stringent security systems to ensure the highest protection for data and transactions, with end-to-end encryption where data storage is restricted.
Source: State Information Service Egypt