CBE's Assistant Sub Governor: EGP 300 Bn in Transactions Conducted through InstaPay in 15 Months

Ehab Nasr, the Assistant Sub Governor for Banking Operations and Payment Systems at the Central Bank of Egypt, revealed a significant increase in the number of users of InstaPay application. The application has exceeded 3.8 million users.

Nasr stated in exclusive statements to First Bank website on the sidelines of Seamless North Africa Conference 2023 that the value of banking transactions conducted through InstaPay application from March 2022 until the end of June 2023 reached EGP 300 bn, with over EGP 250 bn achieved in the last 6 months.

It is worth noting that CBE announced the official launch of the National Instant Payment Network System and InstaPay for banking sector customers in March 2022.

InstaPay application is the first application licensed by CBE to provide instant payment services through the instant payment network.

Banque Misr, the technological arm of CBE, developed the instant payment system and InstaPay application in accordance with the guidelines of CBE, with the assistance of leading global consulting companies specializing in securing electronic payment networks and applications.

The new system relies on the latest data and transaction security systems globally, ensuring full encryption of all confidential data and non-storage by the application, guaranteeing the highest levels of protection for banking sector customers' rights.