CBE launches InstaPay app and national system for instant payments

CBE launches InstaPay app and national system for instant payments
Source: Ahram Online

Central Bank of Egypt announced the official launch of the national system for the instant payments network and the InstaPay application for banking sector customers: allowing financial transactions to be conducted electronically and instantly.

The step was implemented within the framework of the digital transformation strategy of the National Payments Council, headed by President Abdel Fattah al-Sisi.

The Egyptian Banks Company, CBE’s technological arm, developed the Instant Payment Network and InstaPay application under the guidance of the CBE and was assisted by leading global consulting firms specialised in payment networks and application security.

These ten banks already joined the network: the National Bank of Egypt, Banque Misr, Commercial International Bank, ALEXBANK, Qatar National Bank, Arab Bank, Arab African International Bank and Banque du Caire, EG Bank and Bank ABC.

Also read: Egypt hosts Visa Everywhere Initiative for the first time with CBE’s support

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