The Central Bank of Egypt (CBE) will allow Egyptians living in the UAE, Saudi Arabia and Jordan to make remittance transfers via its digital payments platform InstaPay as early as H1 2024. The CBE has reached preliminary agreements with central banks in the UAE and Jordan and is in talks with Saudi Arabia’s central bank, according to Asharq Business (Arabic).
InstaPay is a digital payments platform managed by the CBE that allows users in Egypt to transfer money to bank accounts as well as to mobile wallets using a mobile app. InstaPay, which currently has more than four mn users, has seen transactions of EGP 300 bn since it launched in March 2022. It currently charges no transfer fees to users, although it has announced plans to begin charging users for transactions as of the beginning of next year.
Read More: NOW Money Closes New Investment Round
The platform currently has a set EGP 70,000 limit for each transfer, EGP 120,000 for daily transfers and EGP 400,000 limit for monthly transfers. These limits may have to be negotiated to facilitate remittance transfers.
For Egyptians looking to use the platform to transfer funds home, it is still not clear if remittance transfers will be credited in EGP or foreign currency.