CBE reports EGP 112.7 billion in InstaPay transactions over one year

MENA , Sunday 26 Mar 2023

The Central Bank of Egypt (CBE) has announced that transactions worth EGP 112.7 billion were conducted via its InstaPay app over a year.

Egypt s Central Bank
File Photo: Egypt s Central Bank. Al-Ahram

 

According to the CBE's statement, 2.16 million registered users carried out 20.3 million transactions.

Of these transactions, 70 per cent were made outside official working hours, with the remaining 30 per cent taking place during official hours.

The National Instant Payment Network and InstaPay mobile application were launched by the CBE last year, enabling clients to process electronic fund transfers seamlessly and instantly at any time.

InstaPay is the first payment service provider mobile application licensed by the CBE via the National Instant Payment Network.

Short link:

 

Also In Economy

# Egypt to announce plan for listing up to 4 Armed Forces-affiliated companies next week
# Kuwait extends $2 bln deposit at Egypt’s Central Bank
# IMF’s METAC high-level event concludes in Egypt
# Developing Egypt priority industrial sectors requires EGP 7.7 bln loan: Minister El-Wazir
# Egypt ranks 2nd for budget transparency, 1st for legislative oversight in MENA survey
# Egypt central bank joins Pan-African Payment and Settlement System
# Low-, middle-income countries to experience acute impact due to 2023 economic slowdown: World Bank
# Egypt’s PMI edges closer to 50.0 growth threshold in November
#