The Central Bank of Egypt announced that the financial transactions that took place through the instant payment network InstaPay during the March 2022 – March 2023 fiscal year totaled LE 112.7 billion, through 20.3 million transactions performed by 2.16 million users.
In a statement on Sunday, CBE said about 70 percent of transactions took place after official business hours, while those that occurred during official dates accounted for only 30 percent of total transactions.
It explained that InstaPay includes instant transfer, balance inquiry, short account statement and donation services.
CBE launched the service in March 2022.
It uses a real-time payment network to facilitate money transfers and electronic payments.
The Central Bank of Egypt last year announced the official launch of the national instant payment network system and InstaPay application for banking industry customers: enabling financial transactions to be carried out electronically and instantly.
The move was made as part of the digital transformation strategy of the National Payments Council, led by President Abdel Fattah al-Sisi.
The launch of the new instant payments network is an important step towards realizing the Central Bank’s comprehensive vision for national payment systems.
This guarantees the independence of payments in Egypt and reinforces the goals of the National Payments Council to transform towards a society less dependent on banknotes and contributes to facilitating e-financial transactions for citizens in a safe, effective and immediate way, governor of the Central Bank of Egypt , said Tarek Amer.
