Central Bank of Egypt Approves International Transfers Over InstaPay
Banks will set fees based on the originating country and currency, with users in Egypt receiving funds in Egyptian pounds.
The Central Bank of Egypt (CBE) has announced its approval for the launch of a service that would enable Egyptian users to receive funds from abroad over the InstaPay app.
Speaking at the PAFIX 2024 conference on electronic payments and financial inclusion, Ehab Nasr, Deputy Governor of the Central Bank of Egypt for Electronic Payment Systems and Banking Services, stated that the bank has allowed banks operating in Egypt to receive transfers from abroad via the InstaPay app from all countries worldwide. Banks will set transfer fees based on the originating country and currency, with recipients in Egypt receiving funds in Egyptian pounds.
The service will roll out gradually across the globe; international transfers via InstaPay will be available within two months from Gulf countries, with partnerships underway with Gulf central banks to enable the service.
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