The Assistant Sub Governor for Payment Systems and Services at the Central Bank of Egypt (CBE) Ehab Nasr said the CBE has officially approved banks operating in the country to receive money transfers from abroad via the InstaPay application, from all over the world.
Speaking on the sidelines of the 11th Edition of the Digital Payments, Financial Inclusion, and Digital Banking (PAFIX) International Conference and Exhibition, Nasr added that the technological and infrastructure structure of the application is more than capable of receiving transfers from abroad.
He added that banks will determine the transfer commission according to the currency used and the country through which the transfer is made, provided that the customer receives the money in Egyptian pounds.
Customers outside Egypt will be able to transfer their money instantly from their banks to their bank account or electronic wallet via InstaPay for a fee determined by the bank, he explained, noting that partnerships have been concluded with Gulf central banks to provide the service.
Agreements have been made with several banks to provide it, including the Al Rajhi Bank of Saudi Arabia.
Nasr explained that the value of InstaPay transactions recorded LE 1.2 trillion by the end of June, which confirms the success of the digital transformation in Egypt. It is expected that the volume of InstaPay transactions will reach 1.5 half billion transactions worth LE 2.6 trillion by the end of the year, he added.
The InstaPay app currently allows bank customers in Egypt to have direct access to all their local accounts and transfer money instantly between them, in addition to paying bills.
The app has gained wide popularity, especially since its services are free until the end of this year.
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