The Central Bank of Egypt (CBE) has forecast that transactions through the InstaPay app will reach EGP 2.7 trillion by the end of 2024. The number of registered users on the app has already exceeded 11.5 million.
As part of ongoing efforts to strengthen Egypt's digital financial infrastructure, the CBE has issued the necessary licenses and approvals for several local banks to enable them to receive international remittances and instantly deposit them into customers' accounts using the country's real-time payment network.
This initiative aligns with the bank's strategy to drive digital transformation and reduce reliance on cash transactions, facilitating a shift towards a more digitally inclusive society.
The new service will allow customers to receive international remittances 24/7, catering to their financial needs in real-time.
The service was initially launched in June 2024 through a pilot phase with correspondent banks and exchange companies outside Egypt.
This step marks an important milestone in the development of the real-time payments network, which is expected to encourage greater customer adoption of digital financial services for daily transactions.
The National Instant Payments System, launched in March 2022, is one of the Central Bank's flagship initiatives for digital payment infrastructure.
The system provides a comprehensive alternative to cash payments and allows customers to make transactions at any time of day, leading to significant growth in the volume of transactions conducted through the network.
