File Photo: Central Bank of Egypt s headquarters are seen in downtown Cairo, Egypt, taken on September 7, 2017. REUTERS
IPN is the intra network between banks operating in the Egyptian market through which instant e-payments are circulated around the clock.
Banks will provide a package of e-banking services via IPN, covering financial and non-financial transactions.
The services include money transfers and purchasing operations, in addition to providing balance inquiries and mini-bank account statements.
The banks have been instructed to assign a password (IPN PIN) and create an instant payment access (IPA) for every account to be linked to the client’s mobile phone.
The CBE set the maximum limit of each transaction at EGP 50,000, and EGP 60,000 and EGP 200,000 as the maximum daily and monthly transactions, respectively.
Banks are also allowed to draw on technology service providers (TSPs), provided they are accredited by the CBE and the IPN through direct contraction between the bank and the provider.
The Egyptian Banks Company (EBC) was assigned to manage the IPN and issue terms of operation and updates.
The regulations are meant to encourage the public to be less reliant on cash and to raise the efficiency of the payment services infrastructure in Egypt’s banking system, the CBE said.
Over the past few years, Egypt’s e-payment sector has seen a number of developments. These include launching the national payment system Meeza, the issuance of the non-cash payment bill, the establishment of the FinTech Regulatory Sandbox, and applying the e-collection system in government payments.
The CBE adopts a fintech strategy that targets turning Egypt into a hub for fintech in Africa and the Arab world as part of Egypt’s Vision 2030 and its strategy for digital transformation.
The CBE also plans to automate all registration and deposit operations for government securities and related settlements through a central system.