ArabFinance: The Central Bank of Egypt has announced the launch of the Instant Payment Network (IPN) and InstaPay app which allow for the conduction of online financial transactions instantly, according to Al Mal News.

The new network is an important step in the way towards realizing our comprehensive vision for national payment networks….which promotes the objectives of reducing the use of cash and facilitates electronic financial transactions, CBE Governor Tarek Amer commented.

IPN is operating by most up-to-date systems to connect banks through a digital infrastructure that allows for integration with fintechs, CBE Deputy Governor Rami Abulnaga said.

Abulnaga added that the cutting-edge network will provide innovative solutions to the Egyptian society and put Egypt among leading countries in the fields of electronic financial banking services.

It is worth noting that the IPN is supporting 10 banks including National Bank of Egypt (NBE), Banque Misr, Commercial International Bank’s (CIB) (COMI), Banque of Alexandria, Qatar National Bank Alahli (QNB Al Ahli) (QNBA), and Arab African International Bank (AAIB).

Assistant Sub-Governor, Payment Systems, and Business Technology Sector at the CBE Ehab Nasr unveiled that the bank will mainstream the use of instant payments network across all banks operating in Egypt.