CAIRO – 18 November 2024: Ehab Nasr, Assistant Sub-Governor of the Central Bank of Egypt (CBE) for Banking Operations and Payment Systems, revealed plans to enable remittances from the Gulf to Egypt through InstaPay within two months.
Speaking at the 11th edition of the PAFIX conference on electronic payments and financial inclusion, Nasr noted that InstaPay has garnered 11.5 million users since its launch two years ago, reflecting its growing adoption.
Nasr projected that transactions through the real-time payment network and InstaPay would reach 1.5 billion transactions by the end of 2024, with a cumulative value of LE 2.6 trillion, a significant leap from 400 million transactions initially.
A new payment service for merchants via InstaPay is expected to launch next year, further facilitating digital payment solutions in Egypt.
The financial inclusion rate in Egypt has seen a remarkable rise from 27% in 2016 to 71% as of June 2024, showcasing strides in expanding access to financial services.
Users can transfer up to EGP 70,000 per transaction, EGP 120,000 daily, and EGP 400,000 monthly using the application, maintaining strict compliance with regulatory and security standards.
The CBE, a key sponsor of the event, underscored the importance of digital banking. Discussions at the conference included tackling emerging cybersecurity threats, artificial intelligence in financial security, e-signatures, and advancing Egypt’s transition to a digital economy under the "Egypt Vision 2030" framework.
These advancements signify Egypt's growing leadership in digital payments and financial innovation, with InstaPay poised to play a central role in transforming banking services.
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