Cairo: The Central Bank of Egypt (CBE) directed a number of banks in Egypt to activate the service of receiving remittances of clients and crediting them immediately into customers’ bank accounts, according to a circular letter released by the CBE on Thursday. The service is designed to streamline the process for Egyptian expatriates to send money back home efficiently.

According to State Information Service Egypt, the CBE launched this service to enable Egyptian expats to send remittances via the CBE’s Instant Payment Network (IPN). This allows Egyptians living abroad to transfer money to Egypt through the IPN around-the-clock and benefit from all digital financial transactions. The initiative is aimed at enhancing the convenience and speed of financial transactions for Egyptians not residing in the country.

The CBE emphasized that this move is an important development in the process of receiving remittance transfers from customers not residing in Egypt and crediting them to their personal bank accounts. I
n March 2022, the CBE introduced the National Instant Payment Network and the InstaPay mobile application, allowing clients to process electronic fund transfers instantly, seamlessly, and at any time.