CAIRO - 5 December 2024: The Central Bank of Egypt (CBE) has announced that it expects transactions through the InstaPay app to reach EGP 2.7 trillion by the end of 2024. This comes as the number of registered users on the app surpasses 11.5 million.
In a move to enhance Egypt's digital financial ecosystem, the Central Bank has granted the necessary licenses for several Egyptian banks to activate a service that allows the real-time addition of international remittances to customers' accounts, leveraging the country's instant payments network.
This step is part of ongoing efforts to promote digital transformation and reduce reliance on cash, supporting Egypt's goal of becoming a cashless society.
This new service enables customers to receive funds from abroad anytime, 24/7, meeting their immediate financial needs.
The service was initially trialed in June 2024 through correspondent banks and exchange companies, marking a significant phase in the expansion of the instant payments network.
Launched in March 2022, the National Instant Payments System is a key project by the Central Bank to modernize Egypt's payment infrastructure, providing an integrated alternative to cash.
The network has already seen rapid growth, with the ability to facilitate instant transfers between banks at any time, reflecting the increasing adoption of digital financial services.
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