Central Bank of Egypt Introduces 24/7 International Remittance Service

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The Central Bank of Egypt (CBE) has launched a new service enabling instant international remittance transfers directly into Egyptian bank accounts. The service, available 24/7 through Egypt’s Instant Payment Network (IPN), is part of the CBE’s efforts to enhance the country’s digital financial infrastructure and reduce reliance on cash.

The rollout follows a successful pilot phase conducted in June, which tested the system with banks and exchange companies abroad. Multiple licensed banks in Egypt have now activated the service, providing recipients with immediate access to their funds at any bank in the country, any time of day.

This initiative is closely linked to the National Instant Payments Network, introduced by the CBE in March 2022. The network supports real-time money transfers between banks and has seen significant adoption, particularly through the InstaPay platform.

Since its launch, InstaPay has amassed over 11.5 million users and processed transactions worth billions. By 2024, transaction volumes on the platform are projected to surpass EGP 2.7 trillion, underscoring its role in advancing Egypt’s digital transformation.

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The CBE’s efforts to modernize financial services extend beyond Egypt. This week, the bank joined the Pan-African Payment and Settlement System (PAPSS), a platform developed by the African Export-Import Bank (Afreximbank).

PAPSS facilitates cross-border transactions within Africa by allowing payments in local currencies, significantly reducing costs and processing times.

The system, designed to support intra-African trade, operates using three core mechanisms: instant payments, pre-funding, and net settlement. It aims to ease the demand for foreign currencies and promote financial integration across the continent.

Currently, PAPSS includes participation from 14 central banks across Africa, including those in Nigeria, Ghana, Kenya, Rwanda, and Zimbabwe, as well as over 50 commercial banks.

Egypt’s inclusion in the system is expected to enhance its economic relations with other African nations, increase bilateral trade, and strengthen its role in the continent’s financial ecosystem.