Egyptians can now transfer money instantly with the CBE’s new app

The Central Bank of Egypt (CBE) has announced the activation of the InstaPay application on Wednesday 23 March, which is functioning in tandem with the Instant Payment Network (IPN).

The announcement was held in an official inauguration event that featured Tarek Amer, the CBE Governor, as well as ambassadors of different countries and executives in multinational payment companies.

The application was developed by Egyptian Banks Company, the CBE’s technological arm, under the guidance of its umbrella company.

“The launch of the new Instant Payment Network marks a key milestone on our roadmap for the national payment landscape. Our goal is to ensure the sovereignty of payments in Egypt, promote the National Payments Council’s vision of transforming the society towards less dependency on banknotes, and enabling convenient, secure, and affordable digital financial transactions for all Egyptians,” said Amer.