Arab Finance: The Central Bank of Egypt (CBE) has started enabling the instant disbursement of remittances sent from abroad using the instant payment network, Instapay, Assistant Sub Governor for Payment Systems and Services at the CBE Ehab Nasr told Asharq Business.

According to CBE data, remittances from Egyptians abroad reached $7.5 billion in the second quarter (Q2) of 2024, marking the highest level in two years, representing a 63% year-on-year (YoY) increase compared to $5 billion in Q1 2024.

The new system ensures that money transferred from abroad, including Saudi Arabia and other Gulf countries, can be disbursed or deposited into bank accounts or electronic wallets instantly.

Partner banks, such as Saudi Arabia’s Al Rajhi Bank, have joined the initiative, with transaction fees determined by individual banks.

Previously, Nasr told Asharq that money transfers from Saudi Arabia and the Gulf to Egypt would be available in two months through Instapay.

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