CBE launches instant remittance transfer service
Updated 12/5/2024 11:37:00 AM
Arab Finance: The Central Bank of Egypt (CBE) has introduced a new service enabling the instant transfer of remittances from abroad directly into customer accounts at all Egyptian banks, as per a statement.
This initiative is part of the CBE's broader strategy to strengthen the digital financial services infrastructure and reduce reliance on cash, advancing Egypt's digital transformation.
Several banks have received the necessary licenses to activate the service using the country’s instant payments network.
The new system allows customers to send and receive funds around the clock, seven days a week, ensuring immediate access to their money.
Following a successful pilot phase in June, involving banks and exchange companies abroad, the service is now fully operational.
It is expected to encourage greater use of digital financial services for everyday transactions.
The Instant Payment Network (IPN), launched in March 2022, underpins this initiative.
It offers seamless, real-time transfers across banks and has gained significant traction, with over 11.5 million users registered on the InstaPay platform.
By the end of 2024, transaction volumes are projected to exceed EGP 2.7 trillion.
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