The first Egyptian network for processing electronic fund transfers instantly, seamlessly and at any time, the National Instant Payment Network and InstaPay mobile application, has been launched by the Central Bank of Egypt (CBE). InstaPay is the first mobile application licensed by the CBE as a payment service provider via the National Instant Payment Network.
The CBE said that the launch comes within its efforts to move Egypt into a digital economy, in line with the digitisation ambitions of the National Payments Council chaired by Egypt’s President Abdel-Fattah al-Sisi.
The Instant Payment Network and InstaPay application were developed by the Egyptian Banks Company, the CBE’s technological arm, with the help of leading global consulting firms specialised in payment networks and application security. The new system adopts stringent security systems to ensure the highest protection for data and transactions, with end-to-end encryption where data storage is restricted.
“The launch of the new Instant Payment Network marks a key milestone on our comprehensive vision for national payment systems,” said Tarek Amer, Governor of CBE, at the launching event which was attended other CBE officials, also by ambassadors of various countries to Egypt, and leaders of international payment companies.
“Our goal is to ensure the independence of payments in Egypt, promote the National Payments Council’s vision of transforming Egypt into a society less dependent on cash, and enabling effective, secure and affordable digital financial transactions for all Egyptians.”
Rami Abulnaga, CBE’s deputy governor, explained that the Instant Payment Network embraces the latest interbank operating technologies, connecting all banking systems via top-notch digital infrastructure designed to enable integration with FinTech companies, and creating tremendous opportunities for delivering innovative payment solutions addressing the unique needs of various segments.”
According to Amany Shams Eldin, CBE’s First Sub-Governor for banking Operations and payment systems, “the network represents the first execution of open banking transactions in Egypt, pioneering the deployment of application programming interfaces (APIs) for managing bank accounts in real time.” She said it allows banked customers to manage all their bank accounts using one convenient interface, offering the opportunity of instant financial transfers on weekdays or on official holidays.
“The network represents the first execution of open banking transactions in Egypt, pioneering the deployment of application programming interfaces (APIs) for managing bank accounts in real time.
CBE’s assistant sub-governor for banking operations and payment systems Ehab Nasr said that through InstaPay, clients could move funds between bank accounts and Meeza cards, of which there are a total of 22 million, and to over 27 million mobile wallets. He said users could obtain customer support directly through the mobile app, or by calling customer service number 15989.
The CBE has waived transaction fees via the new app through June.
Users can download the app from either Android or iOS app stores.
The CBE said that it plans to extend the Instant Payment Network to cover all banks operating in Egypt.
Currently, the network member banks are the National Bank of Egypt, Banque Misr, Commercial International Bank, ALEXBANK, QNB Al Ahli, Arab Bank, Arab African International Bank, Banque du Caire, Egyptian Gulf Bank, and Société Arabe Internationale de Banque.
27 March 2022