Regulatory Alerts2023-03-09
Added · Updated
Circular dated March 9, 2023 amending the limits for transactions conducted through real-time payments network applications
The document amends the maximum transaction limits for approved service providers under the Real-Time Payments Network Rules, effective March 15, 2023. The new limits are set at 70,000 EGP for new accounts and 50,000 EGP for the initial transaction value; 120,000 EGP for daily transaction value and 60,000 EGP for the initial transaction value; and 400,000 EGP for monthly transaction value and 200,000 EGP for the initial transaction value. Banks are directed to implement these changes to accommodate recent usage patterns.
Dear Sir,
Chairman of the Board of Directors of Bank Tahya,
Greetings,
With reference to the circular dated November 4, 2021, regarding the rules governing the services of the instant payments network, and to the launch of the National Instant Payments System, as well as the completion of the connection with all banks operating within the Republic to execute various financial transactions through the instant payments network applications and the InstaPay application around the clock in real-time.
In light of the analysis of data regarding transactions in the National Instant Payments System, it has become evident that the number and value of transactions conducted through the aforementioned system have increased, reflecting the need to increase the daily and monthly limits for transactions conducted through the instant payments network application (InstaPay) in order to accommodate the various segments and usage cases that have emerged in recent periods.
In light of the above, please be informed that the maximum limits have been amended through the applications of approved service providers, as stated in Item (4-1-3) of the aforementioned Rules Governing the Services of the Instant Payments Network, to become as follows:
| Limit | |
|---|---|
| New Accounts | 70,000 (Seventy Thousand) EGP |
| Initial Transaction Value | 50,000 (Fifty Thousand) EGP |
| Daily Transaction Value | 120,000 (One Hundred and Twenty Thousand) EGP |
| Initial Transaction Value | 60,000 (Sixty Thousand) EGP |
| Monthly Transaction Value | 400,000 (Four Hundred Thousand) EGP |
| Initial Transaction Value | 200,000 (Two Hundred Thousand) EGP |
Please direct the necessary actions to amend the aforementioned maximum limits, effective from March 15, 2023.
Accept our highest regards and appreciation,
Hassan Abdallah