E& Egypt has officially launched the first instant international money transfer service through its E& Cash wallet, marking a new milestone in the Egyptian market.

Fawry for Banking Technology and Electronic Payment wiill launch the money transfer service soon via ‘myfawry’ app after obtaining the approval of the Central Bank of Egypt (CBE).

The Central Bank of Egypt (CBE) has announced the renewal of the exemption from all expenses and commissions for transfer services through the instant payment network, Instapay.

The Central Bank of Egypt (CBE) has started enabling the instant disbursement of remittances sent from abroad using the instant payment network, Instapay.

Money transfers from Saudi Arabia and the Gulf to Egypt will be available in two months through the country’s instant payment network, Instapay.

The Financial Regulatory Authority (FRA) has issued a circular outlining new controls for the transfer of credit portfolios from non-banking financing entities to other licensed financing entities, banks, securitization companies, or investment funds.

The value of money transferred to Egypt via Western Union’s agent in the country IBAG rose by 30% year on year (YoY) in 2023 to $2.15 billion, the firm’s CEO Abd Allah El Sada said.