The Central Bank of Egypt (CBE) has announced the activation of a new service allowing customers to directly receive international remittances into their bank accounts, utilizing the Instant Payments Network.
This service aims to enhance digital transformation and reduce reliance on cash, aligning with the bank’s efforts to develop electronic financial infrastructure.
The service enables customers to receive funds from abroad 24/7, providing quick and immediate access to their money, meeting their financial needs efficiently.
The service was initially launched in June as a pilot program, in collaboration with correspondent banks and foreign exchange companies, as part of the phased development of the Instant Payments Network.
This development marks a significant step in financial transfers, promoting the use of digital financial services for everyday transactions, saving customers time and improving their experience with international remittances.
Notably, the National Instant Payments Network, launched by the Central Bank in March 2022, is one of the key projects in Egypt's electronic payment infrastructure. The network enables instant interbank money transfers around the clock and has seen wide customer adoption.
Currently, more than 11.5 million users are registered on the "InstaPay" app linked to the network, with transaction volumes expected to exceed 2.7 trillion Egyptian pounds by the end of 2024.
This service further strengthens the adoption of digital payments, supporting the Central Bank’s vision to reduce cash dependence and achieve comprehensive digital transformation in the financial sector.