CBE: InstaPay transactions worth EGP 6.4 bn through 1.3 mn transactions by June- 2022end

The Central Bank of Egypt has revealed in a recent report the execution of over 1.3 million instantaneous transfer transactions worth EGP6.4 bn until June 30, 2022.

Additionally, more than 500,000 transactions have been recorded on the system since its launch in March 2022.

Instant Payment Network was launched in March 2022 with the participation of 11 banks on the platform.

The Central Bank of Egypt established Instant Payment Network to enable customers to carry out financial transactions, such as instant transfers and purchases, using various electronic payment tools within Egypt.

This initiative is in line with the Central Bank of Egypt's plans to support and promote the use of electronic payment instruments and methods, with the aim of transitioning to a less cash-dependent economy and achieving financial inclusion.