What matters most to you if you receive remittances from outside Egypt… speed? Security? Isn’t your money in your account at the same moment? If you care about all this, the Central Bank of Egypt will bring you the solution. A new service for the first time that will allow you to receive your transfers from abroad and find them in your account immediately, 24 hours a day, throughout the week! How will this change the lives of millions of Egyptians? What does this mean for Egyptians’ transfers from abroad? .. This is what you will learn in this report
The Central Bank of Egypt is continuing its steps to develop financial services and promote digital transformation, this time with a new service that will make a difference with everyone who has remittances from abroad. The service simply allows transfers coming from outside Egypt to be added to your bank account directly and at the same moment, meaning there is no delay and no waiting time.. That is, You won’t hear the word hawala, you haven’t heard it again yet
This service operates through the “InstaPay” real-time payments network, which was launched by the Central Bank in 2022 as part of its plan to improve electronic payment systems. This network is an integrated system that allows all financial transfers to occur instantly, 24 hours a day, 7 days a week. This means that if one of your family or friends abroad sends you money at any time, the money will reach your bank account immediately and you can spend it at that moment, whether from your bank branches or Through ATM machines spread throughout all the streets of Egypt
This service is not just a plan on paper. The Central Bank began its trial launch last June. At this stage, transfers are made through foreign banks and exchange companies abroad that deal with the Egyptian banks that have implemented the service. This is part of the development of the real-time payments network. The main goal is to ensure that remittances remain easy, fast, and safe for all Egyptians who depend on remittances from abroad.
Keep in mind that this service will make a qualitative shift in the way Egyptians receive remittances from abroad. Why?
Because it will help millions of customers use digital services in their daily transactions. This is complementary to the success of the InstaPay application, which was launched in 2022. This application, which is part of the real-time payments network, has reached the number of users on it to more than 11.5 million customers, and it is expected that transactions on it will exceed 2.7 million. One trillion pounds by the end of 2024
This service is not only beneficial to the citizen, but it is also a smart step to support the Egyptian economy.. because remittances from abroad play a very large role in providing hard currency and contribute to improving the cash reserve.. The faster and easier it is to receive remittances, the more encouragement there will be to transfer money to Egypt. Instead of resorting to informal methods
