Egypt's central Bank considers enabling remittance transfers via InstaPay
The Central Bank of Egypt (CBE) is considering enabling Egyptian expats to send remittances via the InstaPay app from countries including Saudi Arabia, the UAE, and Jordan, said Ehab Nasr, Deputy Governor for Payment System, on the sidelines of Seamless North Africa.
InstaPay application. Official website.
Nasr added that the CBE is also studying the possibility of adding new services to InstaPay, including payment of vendor bills and other payments, before the end of 2023.
For his part, Deputy CBE Governor Rami Abu El-Naga revealed that EGP 3 trillion ($97 billion) of online banking transactions have been concluded during the last six months.
By the end of March, the number of Meeza prepaid cards reached 33 million, while mobile wallets totalled 30 million, Abu El-Naga added.
In March 2022, the CBE launched the National Instant Payment Network and InstaPay mobile application, which allows clients to process electronic fund transfers instantly, seamlessly and at any time.
The regional fintech event Seamless North Africa kicked off in New Cairo on Monday for two days with over 4,000 people from international, regional, and local financial and banking institutions.
Egypt's financial inclusion rates have improved by 147 percent between 2016 and 2022, according to figures released by the Central Bank of Egypt.
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