The Board of Directors of the Central Bank of Egypt (CBE) has approved the regulations governing the services of the instant payments network (IPN) inside Egypt.
This comes within the framework of implementing the strategy of the National Payments Council headed by President Abdel Fattah Al-Sisi to support the transformation of the digital economy and provide new services that will facilitate citizens in carrying out financial transactions.
The IPN links different banks and financial services providers, allowing payments sent between accounts at different banks to be credited and debited instantly. It is one of the most important means to provide access to banking services efficiently and effectively, thus enhancing financial inclusion.
Rami Abulnaga, Deputy Governor of the Central Bank, said that the regulations that have been adopted come within the framework of the Central Bank of Egypt’s keenness to keep pace with the latest developments in digital payment services globally, to facilitate procedures for citizens and encourage them to continue using electronic payment methods and channels. Through the new network, customers will be able to complete transfers within a few seconds, on weekdays and during official holidays, through various electronic payment tools issued by Egyptian banks.