CAIRO - 5 December 2024: The Central Bank of Egypt (CBE) has launched a new service enabling customers to receive international remittances directly into their bank accounts, utilizing the Instant Payments Network.
This initiative is part of Egypt's ongoing push toward digital transformation and reducing the reliance on physical cash, in line with the bank’s broader strategy to modernize the country’s financial infrastructure.
The new service allows users to access funds from abroad at any time, with transactions processed instantly and available 24/7, ensuring faster and more convenient access to money.
The service was initially rolled out as a trial in June, in collaboration with the bank’s correspondent partners and foreign exchange companies, as part of the phased rollout of the Instant Payments Network.
This step marks a key development in the realm of digital payments, offering a streamlined way for customers to handle international transfers, saving time and improving the user experience.
The National Instant Payments Network, launched by the CBE in March 2022, is a key element of the country's push to enhance its electronic payment systems. The network enables round-the-clock, real-time money transfers between banks and has seen strong customer adoption.
To date, more than 11.5 million users have registered on the "InstaPay" app, and the total transaction value through the network is expected to exceed 2.7 trillion Egyptian pounds by the end of 2024.
This service further enhances the adoption of digital payment methods, supporting the Central Bank’s vision to reduce cash usage and promote a fully digital financial ecosystem in Egypt.
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