CBE Enables Instant Inbound Remittance Transactions

(MENAFN- Daily News Egypt) The Central bank of Egypt (CBE) has taken a significant step toward advancing digital financial services and fostering a cashless society by granting approvals to several banks in Egypt to activate instantaneous remittance receipt and real-time crediting of funds to customers' bank accounts via the Instant Payment Network (IPN).

This development introduces a seamless and continuous solution for transferring funds from abroad to Egypt, addressing customers' needs promptly and efficiently at any time. The pilot phase of this innovative service was launched in June 2024 through licensed bank correspondents and foreign exchange companies abroad. The initiative represents a major milestone in the evolution of the IPN, further encouraging customers to integrate digital financial solutions into their daily transactions.

Launched in March 2022, the National Instant Payment Network is a cornerstone of the CBE's payment systems infrastructure projects. The IPN provides an efficient alternative to cash payments, offering instant, 24/7 money transfer services for bank customers. This service underscores the CBE's commitment to enhancing Egypt's financial ecosystem through advanced technological solutions.

Since its inception, the IPN has witnessed significant growth, with over 11.5 million users registered on the InstaPay app. Transaction volumes are projected to exceed EGP 2.7trn by the end of 2024, reflecting the increasing adoption of digital payment solutions across the country.

This initiative aligns with the CBE's broader efforts to modernize Egypt's financial infrastructure, promote digital transformation, and create a robust, cashless economy.

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