The Central Bank of Egypt has announced the official inauguration of the national system for quick payments and the InstaPay application for banking sector users, enabling electronic and instant financial transactions.
The move was made as part of President Abdel Fattah al-National Sisi’s Payments Council’s digital transformation policy.
The inauguration of the new instant payments network is a critical step toward realizing the Central Bank’s ambition for national payment systems.
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This ensures payment independence within Egypt, advances the National Payments Council’s goal of transitioning to a society less reliant on banknotes, and contributes to the safe, effective, and instantaneous facilitation of e-financial transactions for citizens, according to Central Bank of Egypt Governor Tarek Amer.
Instant payment networks rely on cutting-edge interoperability systems to connect banks via a digital infrastructure that enables integration with financial technology businesses.
This presents huge opportunity for Egypt to become a leader in the domains of e-banking and financial services. Ramy Aboul Naga, the Central Bank’s Deputy Governor, stated.
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The Egyptian Banks Company, the Central Bank’s technological arm, developed the instant payments system and the InstaPay application in accordance with the Central Bank of Egypt’s directives, with the assistance of major international consulting firms specializing in the security of electronic payment networks and applications.
The new system is based on the most advanced data and transaction security methods available globally, ensuring complete encryption of all confidential data that is not held by the app.
This is to ensure that the rights of banking sector clients are protected to the fullest extent possible.
The immediate payments network is a true manifestation of the stages of development undertaken by the Central Bank to stay up with the current payment systems and services, Amany Shams Eddin, the Central Bank’s Undersecretary of the Governor for Banking Operations and Payment Systems Sector, noted.
The system is Egypt’s first genuine implementation of open banking services, as part of the Central Bank’s efforts to modernize the banking sector’s infrastructure.
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This enables clients in the sector to link all their accounts with all banks through a single application, as well as conduct financial transactions in real time, regardless of working hours or official holidays, she added.
Ihab Nasr, Assistant Undersecretary for Banking Operations and Payment Systems, confirmed that the InstaPay application offers an exceptional payment experience via mobile phone, enabling banking sector customers to transfer funds in real time between bank accounts with banks participating in the network, as well as between bank accounts.
Meeza cards, which total around 22 million, and e-wallets, which total approximately 27 million, are available nationally.
The application’s user can contact customer assistance via the application, the hotline 15989, or by calling the bank that processed the transaction’s customer service.
Additionally, the Egyptian Central Bank said that InstaPay users will be fee-free until June 2022, in an effort to increase transaction volume on the program, which is now accessible for download on app stores for Android and iPhone smartphones.
The usage of the quick payments network will be extended to all banks operating in Egypt, in accordance with Central Bank instructions.
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The National Bank of Egypt, Banque Misr, Commercial International Bank, ALEXBANK, Qatar National Bank, Arab Bank, Arab African International Bank, Banque du Caire, EG Bank, and Bank ABC have all joined the network.
Egypt payments InstaPay Egypt payments InstaPay
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
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