Central Bank of Egypt Launches a New Service to Facilitate Transactions for Citizens
In alignment to the Central Bank of Egypt’s (CBE) continued efforts to enhance the electronic financial services’ infrastructure, promote digital transformation, and contribute to the transformation to a less-cash society, the CBE provided several banks operating in Egypt with the necessary licenses and approvals, enabling them to activate the service of instantaneous receipt of remittances, and their real-time crediting to customers’ bank accounts in Egypt, through the Instant Payment Network (IPN)
The new feature marks a significant advancement in digital remittances, allowing customers to transfer money from abroad to the Arab Republic of Egypt, seamlessly and continuously to fulfill customers’ needs promptly at any time
Noteworthy, the pilot phase of this service was launched in June 2024, through the licensed bank correspondents and foreign exchange companies abroad. This new feature represents a significant milestone in the evolution of the instant payment network, which is anticipated to bolster customers’ reliance on digital financial services in their daily transactions
The CBE’s National Instant Payment network- inaugurated in March 2022 – is one of the key component infrastructure projects, and stands as a cornerstone for the CBE’s payment systems infrastructure projects. IPN’s services offer a convenient and efficient alternative to cash payments, providing instant transfer services 24/7 to all banks’ customers. This transition resulted in a surge in the IPN’s metrics, with over 11.5 million users registered on the InstaPay app, and transaction volumes are expected to surpass EGP 2.7 trillion by the end of 2024
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