Cairo – Sharikat Mubasher: The Central Bank of Egypt (CBE) announced a significant development for Egyptians living in Gulf countries, as they will soon be able to transfer money to Egypt via the InstaPay platform.
This service is set to launch within the next two months, as revealed by Ehab Nasr, Assistant Sub-Governor for Banking Operations and Payment Systems, during the 11th "PAFIX" Conference on electronic payments and financial inclusion.
Nasr highlighted the rapid growth of InstaPay, with its user base climbing to 11.5 million in just two years. By the end of 2024, the platform is projected to process 1.5 billion transactions, amounting to an estimated total of EGP 2.6 trillion.
Looking ahead, InstaPay plans to introduce a payment service for merchants in 2025, broadening its utility in Egypt’s digital financial ecosystem. The platform, available 24/7, facilitates instant bank transfers while adhering to stringent regulatory and data security standards. It currently imposes transaction limits of EGP 70,000 per transfer and EGP 400,000 per month.
These advancements signify Egypt's growing leadership in digital payments and financial innovation, with InstaPay poised to play a central role in transforming banking services.
