The Central Bank of Egypt (CBE) has approved a new feature allowing users in Egypt to receive international money transfers through the InstaPay app. Announced during the PAFIX 2024 conference on electronic payments and financial inclusion, the initiative was detailed by the Deputy Governor of the CBE for Electronic Payment Systems and Banking Services.

According to Nasr, Egyptian banks are now authorised to process transfers via InstaPay from any country. Transfer fees will be determined by banks based on the currency and country of origin, while recipients will receive the funds in Egyptian pounds. The service will be introduced in phases, starting with transfers from Gulf countries within the next two months.

CBE officials also noted that discussions with Gulf central banks are ongoing to facilitate the rollout. In October 2024, the Central Bank of Egypt revised the transaction limits for the National Instant Payment System according to an update posted on its official website. The CBE explained that the amendments were made after analysing data on the system’s usage.

The analysis revealed a significant increase in the number and value of transactions, highlighting the need to adjust the daily and monthly transaction limits to meet the demands of different user segments and emerging use cases. Under the updated rules, the maximum value for a single transaction via the InstaPay application was set at EGP 70,000. The daily transaction limit was capped at EGP 120,000, while the monthly maximum was set at EGP 400,000.

Other developments from the CBE In August 2024, the Central Bank of Egypt released a new periodic bulletin confirming the allowance for banks to open accounts for foreign nationals, including those who do not reside in Egypt. The bulletin clarified that no restrictions were preventing the opening and management of accounts for non-resident foreign customers, as long as the relevant regulations and procedures governing account openings were adhered to. This included full compliance with the laws and regulations set by the Central Bank and the Anti-Money Laundering and Terrorist Financing Unit.

The update followed a previous bulletin issued on 19 April 2019, which addressed complaints from foreign customers regarding some banks' refusal to open accounts for non-residents. Such practices were highlighted as limiting access to banking services, potentially leading to increased financial transactions outside the formal banking sector. .