Egypt.. Allowing the transfer of money from abroad via “InstaPay” within two months

Ihab Nasr, Deputy Governor of the Central Bank of Egypt for electronic payment systems and banking services, announced the bank’s approval to allow banks operating in Egypt to receive transfers from abroad via the “InstaPay” application from around the world, with the start being in the Gulf countries within two months. Nasr explained that the Central Bank of Egypt will begin providing transfers from the Gulf countries to Egypt through the InstaPay application within two months, after concluding partnerships with Gulf central banks to provide the service. The Deputy Governor of the Central Bank of Egypt added in his speech, within the activities of the 11th International Conference and Exhibition for Digital Payments, Financial Inclusion and Digital Banks (PAFIX), that the banks will determine the commission.