Egypt Launches International Transfers via InstaPay to Boost Financial Inclusion

The Central Bank of Egypt (CBE) has taken pride to introduce a feature that will henceforth, allow it’s customers in Egypt to receive international money transfers through a digital app, InstaPay app.

Announced during the PAFIX 2024 conference on electronic payments and financial inclusion, the initiative authorizes Egyptian banks to process transfers via InstaPay from any country, with transfer fees determined by banks based on the currency and country of origin, while recipients will receive the funds in Egyptian pounds.

The service will be rolled out in phases, starting with transfers from Gulf countries within the next two months, and the CBE will actively engage in discussions with Gulf central banks to facilitate the implementation.

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This development follows the CBE’s recent revisions to the transaction limits for the National Instant Payment System, which were made in response to an increase in the number and value of transactions, as well as the release of a new periodic bulletin confirming the allowance for banks to open accounts for foreign nationals.

Not only the Egyptian nationals will enjoy the services coming along with the new development, but non-residents are also aimed with this move which seeks to promote greater access to banking services and reduce financial transactions outside the formal banking sector.