CBE Enables Real-Time Cross-Border Remittances for Egyptian Expats via InstaPay Network
The Central Bank of Egypt (CBE) has officially launched an instant cross-border money transfer service via the Instant Payment Network (IPN), allowing Egyptian expatriates to send and receive remittances in Egypt instantaneously.
According to data obtained by the FinTech Gate portal, the new service enables beneficiaries in Egypt to receive remittances through three primary channels:
Bank accounts
Bank cards
E-wallets
The service operates 24 hours a day, seven days a week, including weekends and public holidays. Additionally, InstaPay users can verify the arrival of funds immediately upon the completion of the transfer process.
How Are Funds Transferred?
Egyptian expatriates can visit participating agents or correspondents in their host country, or use the service provider's digital application where available. Once the transfer details are entered and the beneficiary's data in Egypt is verified, the funds are instantly routed to the receiver, eliminating the traditional waiting periods associated with international banking transfers.
Active Markets and Coverage
The service is currently operational in key countries hosting large Egyptian expatriate communities, including Saudi Arabia, the United Arab Emirates, Kuwait, Qatar, Jordan, Oman, and Bahrain.
The network of participating entities includes a wide array of banks, exchange houses, and money transfer companies, with ongoing efforts to onboard additional international correspondents and agents.
Key Participating Entities by Country:
Saudi Arabia: Al Rajhi Remittance, SNB QuickPay, Ersal, Arab National Bank (ANB), and Bank Albilad.
UAE: Al Ansari Exchange, Al Fardan Exchange, LuLu Exchange, Orient Exchange, Lari Exchange, and Al Dahab Exchange.
Kuwait: Al Mulla Exchange, LuLu Exchange, Kuwait Bahrain International Exchange, Al Haram Exchange, Bahrain Exchange Company (BEC), Kuwait India International Exchange, Al Ansari Exchange, Aman Exchange, Al Muzaini Exchange, Wall Street Exchange, and Joyalukkas Exchange.
Qatar: Al Fardan Exchange, Gulf Exchange, Qatar Islamic Bank (QIB), Islamic Exchange, and Arabian Exchange.
Jordan: Alawneh Exchange, Musharbash Exchange, Dallah Saham Exchange, Abu Sheikha Exchange, Zamzam Exchange, and Kamal Exchange.
Oman: Bony Money Exchange, Modern Exchange, and Bank Muscat.
Bahrain: Bosphorus Exchange and Zenj Exchange.
What This Means for Egyptian Expatriates
The initiative aims to significantly accelerate the remittance cycle for Egyptians working abroad, ensuring immediate delivery of funds to beneficiaries in Egypt without the constraints of traditional banking hours or standard processing delays. By allowing funds to be received via bank accounts, cards, and e-wallets, the service provides beneficiaries with flexible, multi-channel access to their money, backed by real-time tracking capabilities through the InstaPay application.