Visa, EBC sign MoU to ease Egyptian’s remittances abroad

Visa and Egyptian Banks Co. (EBC) signed an MoU, in coordination with the Central Bank of Egypt (CBE), to enhance instant payments and international remittances for Egyptian expatriates, the Federation of Egyptian Banks reported on Sunday.

The collaboration will leverage Visa’s digital financial services and EBC’s technological infrastructure to provide innovative solutions to electronic payment services and digital wallets.

The agreement outlines a framework for collaboration between the two parties and includes two projects focused on simplifying international remittances for Egyptian expatriates.

The first project involves enhancing the InstaPay application to allow customers to make transfers from accounts linked to a Visa card outside Egypt. This will enable the transfer amount to be added to the accounts of registered customers or transferred to another customer via the instant payment network.

The second proposal entails partnering with banks and financial institutions to facilitate remittances to beneficiaries in Egypt using a phone number or username on the instant payment network.

Expat’s remittances are vital for millions of families in Egypt and many other countries, serving as a significant source of national income and foreign currency, said Vice President of Visa for Mena region and Pakistan Leila Serhan.

Tarek Raouf, CEO and Managing Director of EBC, emphasized the potential of the Instapay application to improve cross-border financial flows and support Egypt’s economic growth. He expressed optimism about the collaboration between Visa and EBC to drive innovation in cross-border digital payments.

Visa, as a global leader in digital solutions for moving funds and electronic payments, holds the largest market share in remittances to Egypt, especially in the Gulf region, which accounts for the majority of total remittances to Egypt, the report added.