Arab Finance: The Central Bank of Egypt (CBE) is currently in advanced talks with Saudi, Emirati, and Jordanian central banks to allow money transfers to the bank accounts of Egyptian customers in Egypt via InstaPay app as of 2024, a government official told Asharq Business.
The CBE has already signed a memorandum of understanding (MoU) with the Emirati and Jordanian central banks in this regard. Yet, it is negotiating the matter with the Saudi Central Bank, the source said.
If concluded, the deal will enable Egyptian customers to receive transfers in the country’s local currency with affordable fees, he added.