Egypt: Central Bank of Egypt Launches 24/7 Instant Remittance Transfer Service

The Central Bank of Egypt (CBE) has unveiled a groundbreaking service that enables instant international remittance transfers directly into customer accounts at all Egyptian banks. This development aligns with the CBE’s strategic goal of strengthening the country’s digital financial infrastructure and reducing dependence on cash, further advancing Egypt’s digital transformation agenda.

Key Features of the New Service

The newly launched system allows customers to send and receive funds instantly, operating around the clock, seven days a week. This ensures users have immediate access to their money anytime, facilitating seamless financial transactions.

Licensed banks have begun activating the service through Egypt’s Instant Payments Network (IPN), which has been the backbone of the initiative since its launch in March 2022. Following a successful pilot phase in June involving banks and exchange companies abroad, the service is now fully operational.

Enhancing Digital Financial Services

The introduction of the instant remittance transfer system is expected to boost the adoption of digital financial services in Egypt, encouraging their use for everyday transactions. The CBE views this as a significant step towards achieving greater financial inclusion and streamlining remittance processes.

Since its inception, the IPN has seen widespread adoption, with more than 11.5 million users registered on the InstaPay platform. The platform supports real-time transfers across banks, reflecting the growing preference for digital payments in Egypt.

Projected Impact

With transaction volumes on the rise, the CBE estimates that by the end of 2024, the total volume of transactions through the IPN will exceed EGP 2.7 trillion. This underscores the potential of the instant remittance service to drive economic activity and enhance the efficiency of the financial ecosystem.

This innovative service reaffirms the Central Bank of Egypt’s commitment to leveraging technology to modernize the financial sector and promote a cashless economy.