Monday 30 Dec
As part of its ongoing efforts to bolster the electronic financial services infrastructure, accelerate digital transformation, and foster a less cash-reliant society, the Central Bank of Egypt has granted necessary licenses and approvals to several Egyptian banks. This enables these banks to activate instant incoming remittance services from abroad, directly crediting customer accounts across all Egyptian banks through the instant payments network.
This development marks a significant advancement in international money transfer services. Customers can now seamlessly transfer funds from abroad to Egypt 24/7, meeting their needs promptly and conveniently.
A pilot launch of this service
commenced last June, leveraging correspondent banks and exchange companies
outside Egypt. This phase was crucial in expanding the utilization of the
instant payments network. The service is anticipated to further encourage
customer adoption of digital financial services for daily transactions.
It is worth mentioning that the national instant payments system, launched in March 2022, is a cornerstone infrastructure project championed by the Central Bank of Egypt. It offers a comprehensive cash-free alternative, enabling instant, round-the-clock transfer services across all banks. This has led to substantial growth within the instant payments network, with over 11.5 million customers registered on the InstaPay application and projected transaction values exceeding 2.7 trillion Egyptian pounds by the end of 2024.
