The Central Bank of Egypt (CBE) announced that Egyptians residing in Gulf countries will soon be able to transfer money to Egypt through the InstaPay platform within the next two months. The announcement was made by Ehab Nasr, Assistant Sub-Governor for Banking Operations and Payment Systems, during the 11th "PAFIX" Conference on electronic payments and financial inclusion.
Nasr revealed that the number of InstaPay users has surged to 11.5 million within just two years. By the end of 2024, transactions through the platform are expected to reach 1.5 billion, with a total value estimated at EGP 2.6 trillion.
Additionally, InstaPay will launch a payment service for merchants next year, further expanding its offerings. InstaPay, operational 24/7, allows for instant bank transfers while maintaining regulatory and data security standards. The platform currently enforces transaction limits, including EGP 70,000 per transaction and EGP 400,000 monthly.
Egypt's financial inclusion rate has increased significantly, from 27% in 2016 to 71% by mid-2024. The CBE’s active participation in PAIFX reflects its commitment to advancing digital transformation, addressing cybersecurity, and exploring the future of digital banks and payment systems.
The conference also tackled key themes, including the role of artificial intelligence in cybersecurity, electronic signatures, and emerging digital solutions for urban development and financial resilience.
