Approves Instant Transfers for Egyptians Abroad

The Central Bank of Egypt has issued licenses and approvals to several Egyptian banks, enabling them to activate real-time incoming remittance services. Funds sent from abroad can now be instantly credited to customers' accounts at all Egyptian banks using the Instant Payment Network. This initiative supports digital transformation efforts by strengthening financial service infrastructure and reducing reliance on cash.  

According to a statement from the Central Bank on Thursday, this development represents a significant advancement in processing international money transfers electronically. Customers can now send money to Egypt 24/7, ensuring instant transfers that meet their financial needs at any time.  

The service was launched experimentally in June through correspondent banks and exchange companies outside Egypt. This marks a crucial phase in the expansion of the Instant Payment Network and is expected to encourage more customers to adopt digital financial services in their daily transactions.

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