Egypt, a country in full technological development, has just reached a crucial milestone in the field of international money transfers. Indeed, the Assistant Deputy Governor for Payment Systems and Services at the Central Bank of Egypt, Ehab Nasr, recently announced that banks operating in the country have been officially authorized to receive money transfers from abroad via the InstaPay application, from all over the world.
This revolutionary decision was taken as part of the digital transformation in Egypt, aimed at facilitating financial transactions and promoting financial inclusion. With the approval of the Central Bank, Egyptian bank customers will now be able to receive funds from abroad instantly and securely via InstaPay.
According to Ehab Nasr, banks will have the freedom to set transfer fees depending on the currency used and the country of origin of the transfer, provided that the customer receives the money in Egyptian pounds. This initiative aims to simplify cross-border money transfers and strengthen ties between Egypt and the rest of the world.
In addition, partnerships have been concluded with central banks in the Gulf to offer this service, highlighting the importance of regional cooperation in the field of international payments. Among the banks with which agreements have been concluded is Al-Rajhi Bank of Saudi Arabia, demonstrating the commitment of regional financial players to innovation and collaboration.
The InstaPay application, which is already very successful in the Egyptian market, allows bank customers to directly access all of their local accounts and make instant transfers between them, in addition to paying their bills. This ease of use and speed of transactions have contributed to its growing popularity among users.
In conclusion, this initiative by the Central Bank of Egypt marks a significant step forward in the country’s financial landscape, opening up new opportunities for international economic exchanges and strengthening the confidence of foreign investors. It also demonstrates Egypt’s commitment to adopting the latest financial technologies and facilitating access to banking services for all. As the digitalization of payments becomes more widespread worldwide, Egypt is positioning itself as a pioneer in this digital transformation, paving the way for a more connected and inclusive financial future.