Egypt’s central bank launches instant inbound remittance service

The Central Bank of Egypt (CBE) announced on Thursday the launch of a new service that enables instantaneous receipt of remittance transfers directly to customers’ bank accounts.

This innovative service, facilitated by the Instant Payment Network (IPN), allows individuals to receive remittances from abroad seamlessly and in real-time. The CBE has granted necessary licences to the Egyptian banks to offer this service, further enhancing Egypt’s digital transformation and reducing reliance on cash transactions.

The pilot phase of the instant remittance service was launched in June 2024, with promising results. The IPN, established in March 2022, has become a cornerstone of Egypt’s payment systems infrastructure. The network supports 24/7 instant transfers and has seen rapid adoption, with over 11.5 million users registered on the InstaPay app. By the end of 2024, transaction volumes are expected to exceed 2.7 trillion Egyptian pounds.

The new service aligns with the CBE’s vision of a cashless society and demonstrates its commitment to providing efficient and convenient financial services to its citizens.

Attribution: CBE