This service is facilitated through the CBE's Instant Payment Network (IPN), marking a major milestone in the country’s push toward a cashless society.

The central bank noted that the action is a significant step toward modernizing Egypt’s financial infrastructure and promoting digital transformation.

Expat remittances are a key contributor to the country’s GDP and a main source of foreign exchange (FX) inflows.

According to the latest data published by the CBE, remittances from Egyptian expatriates increased by 42.6 percent in the first nine months of 2024 to approximately $20.8 billion, up from $14.6 billion during the same period in 2023.

The new service allows customers to receive money transfers from abroad seamlessly and directly into their bank accounts, providing a real-time solution for individuals seeking to transfer funds to Egypt.

The service is available 24/7, ensuring continuous access for customers to manage their financial needs anytime.

This new feature was introduced following the successful pilot phase that began in June. During that phase, the service was rolled out in collaboration with licensed bank correspondents and foreign exchange companies operating internationally.

The full-scale launch is expected to significantly enhance the ease and speed of remittance transactions to Egypt, driving further adoption of digital financial services.

Strengthening Egypt’s digital financial ecosystem
 

The Instant Payment Network (IPN), launched by the CBE in March 2022, has become a cornerstone in Egypt’s efforts to build a robust electronic payment infrastructure.

This network offers a convenient, efficient, and secure alternative to traditional cash payments. It allows users to send and receive funds instantly across all participating banks.

The introduction of real-time remittance crediting is a testament to the CBE’s commitment to accelerating financial inclusion and digital services.

The IPN has already seen impressive growth, with over 11.5 million users registered on the InstaPay app.

Transaction volumes on the network are projected to exceed EGP 2.7 trillion by the end of 2024, highlighting Egypt's increasing trust in and reliance on digital payment systems.

By facilitating immediate remittance transactions, the CBE’s new initiative is poised to enhance the country’s digital financial ecosystem further and foster greater economic inclusion.

The action aligns with the government's efforts to sustain FX inflows into the country to avoid shortages. 

Egypt ranked sixth among the world’s most remittance recipient countries in 2023, according to data published recently by the Central Agency for Public Mobilization and Statistics (CAPMAS).