This initiative is part of the CBE’s ongoing efforts to modernize Egypt’s financial infrastructure and reduce its reliance on cash, which aligns with Egypt’s Vision 2030 goals.
This follows the central bank's launch of the instant money transfer service through the InstaPay application in December for receiving money from abroad. The application is linked to the national instant transfer network, allowing funds to be added instantly to customers' accounts at all Egyptian banks.
The new service, available seven days a week, provides fast, secure, and transparent transactions through a network of international agents and correspondents.
It allows Egyptians abroad to send money to Egypt easily via electronic applications, without the limitations of banking hours.
Once transferred, the funds are instantly credited to the beneficiary’s account in local banks, offering immediate access. Beneficiaries can also receive funds through bank cards or e-wallets, adding flexibility.
To carry out a transfer, customers must provide accurate details of the amount of money transferred and the beneficiary, ensuring full transparency.
Additionally, the CBE has partnered with numerous regional exchange companies and banks to facilitate the service.
In the United Arab Emirates, key partners include Al Fardan Exchange, Lulu Exchange, Al Rostamani International Exchange (ARIE), Lari Exchange, Al Ghurair Exchange, Redha Al Ansari Exchange, and Al Dahab Exchange.
In Saudi Arabia, the service is supported by Tahweel Al Rajhi, Saudi National Bank (QuickPay), Enjaz, Alinma Bank, Arab National Bank, and Al Bilad Bank.
In Kuwait, partnerships include Al Mulla Exchange, Al Nada International Exchange, Kuwait Bahrain International Exchange Company, Lulu Exchange, Bahrain Exchange Company (BEC), Kuwait India International Exchange Company, Al Ansari Exchange, Aman Exchange, Al Muzaini Exchange Company, Wall Street Exchange Service, and Joyalukkas Exchange.
Qatari customers can use Al Fardan Exchange, Alkhalej Exchange, Qatar Islamic Bank, Islamic Exchange Company, and Arabian Exchange.
Transfers to Egypt can also be made through Unimoni Exchange, Modern Exchange, and Bank Muscat in Oman.
In addition, transfers can be made through Shift Financial Services, Alawneh Exchange, Musharbash Exchange, Khalil Al Rahman Exchange, Abusheikha Exchange Company, Zamzam Exchange, and Kamal Exchange in Jordan.
In Bahrain, Alyousuf Exchange Arabic and Zenj Exchange support the service.
This new money transfer system is designed to make financial services more accessible to Egyptians worldwide and further Egypt’s goal of financial inclusion.
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