This visit comes in line with Egypt’s keenness to expand collaboration with African countries across all sectors, the CBE stated.
During the visit, the Kenyan delegation delved into the technical and operational capabilities of the Egyptian IPN.
They also explored the activities and services offered by the CBE, particularly the InstaPay application and the instant transactions completed within the system along with its mechanisms and techniques.
Moreover, the visit aims to strengthen bilateral cooperation between Egypt and Kenya in the field of payment systems and services, following the memorandums of understanding (MoUs) signed recently between the CBE and several African central banks, including Nigeria and Ghana.
It also reflects African countries' keenness to capitalize on Egypt’s leading expertise in the digital payments field, the statement added.
Furthermore, the CBE adopts a comprehensive strategy to promote digital transformation within the banking and financial sectors.
This strategy includes establishing modern payment systems that align with the state's plans to transform into a less-cash society.
According to the statement, the CBE is currently adding a series of new services to the IPN, including cardless cash withdrawals from ATMs and purchases done through merchants’ electronic POS points or smartphone applications.
These services are slated for launch later in 2024.
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