CAIRO – The Central Bank of Egypt (CBE) directed a number of banks in Egypt to activate the service of receiving remittances of clients and crediting them immediately into customers’ bank accounts, according to a circular letter released by the CBE.
The CBE said it launched this service to enable the Egyptian expats to send remittances via the CBE’s Instant Payment Network (IPN).
Egyptians living abroad will be able to transfer money to Egypt through the the CBE’s Instant Payment Network (IPN) around-the-clock and benefit from all digital financial transactions, it added.
The move is considered an important development in receiving remittance transfers of customers not residing in Egypt and credit them to their personal bank accounts, according to it.
In March 2022, the CBE launched the National Instant Payment Network and InstaPay mobile application, which allows clients to process electronic fund transfers instantly, seamlessly and at any time.
