EBC is the developer and operator of Egypt’s national payment networks and ecosystems. It serves as the technology arm of the CBE, focusing on payment system infrastructure, digitizing government payments, enhancing financial inclusion, and supporting the transition to a cashless economy.
EBC manages and develops various domestic payment ecosystems in Egypt, including the Instant Payments Network (IPN) and the InstaPay application.
This partnership aims to leverage Visa's advanced digital financial services and EBC's technological infrastructure to introduce innovative solutions for electronic payment services and digital wallets.
Since the eruption of the Ukrainian war in February 2022, remittances to Egypt have decreased substantially. Although it has started to recover over the past few months, they are still below their pre-war level.
The MoU comprises two key projects. The first involves integrating a service into the InstaPay application, allowing customers to seamlessly transfer funds from Visa-linked accounts outside Egypt into registered customers' accounts or transfer them to other customers through the Instant Payments Network (IPN).
The second project focuses on collaborating with banks and financial institutions to enable transfers to beneficiaries in Egypt using IPN's phone number or username directory.