NEW PRICING STRATEGY FROM “CBE” TO ENCOURAGE MOBILE BANKING
In an effort to promote mobile banking as an effective and environmentally friendly substitute for cash transactions, the Central Bank of Egypt (CBE) reduced fees on mobile banking transactions by up to EGP 1 through this announcement.
The new pricing strategy includes free transactions using “InstaPay,” a digital banking application launched by CBE in April, as well as free transactions using any mobile wallet at the beginning of each month and maximisation of transaction fees to EGP 1 if transfers are made within the mobile network operator.
The maximum mobile banking transfer cost for transactions involving several network operators was also set at EGP 15 per transaction. Additionally, CBE stated that by October 2022, there will be 29.5 million accounts using mobile banking, reflecting a recent growth in the number of customers
And gave the service top priority as part of a national initiative to promote financial inclusion and digitisation.
