Gulf-to-Egypt money transfers to be enabled via Instapay within 2 months
Updated 11/18/2024 3:09:00 PM
Arab Finance: Money transfers from Saudi Arabia and the Gulf to Egypt will be available in two months through the country’s instant payment network, Instapay, Assistant Sub Governor for Payment Systems and Services at the Central Bank of Egypt (CBE) Ehab Nasr told Asharq Business.
Under the initiative, customers outside Egypt will be able to transfer money instantly from their bank accounts or electronic wallets to Egyptian bank accounts through Instapay, with fees determined by the respective banks.
Nasr also revealed that the CBE has entered into partnerships with Gulf central banks to facilitate the service and has already reached agreements with several banks, including Al Rajhi Bank in Saudi Arabia, to ensure its rollout.
Furthermore, Nasr stated that the value of transactions via Instapay is expected to increase to EGP 2.6 trillion in 2024, processed through 1.5 billion transactions.
This is a significant rise from EGP 815 billion through 404 million transactions in 2023.
He also announced the completion of launching the contactless payment system through the card tokenization platform.
Additionally, Nasr confirmed that customers in Egypt will be capable of making payments using apps, such as Apple Pay and Samsung Pay, very soon.
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