The Assistant Deputy Governor for Payment Systems and Services at the Central Bank of Egypt (CBE) Ehab Nasr, announced that the InstaPay application has achieved great success since its launch.
The number of InstaPay users has now reached 6.2 million customers he said, who have made 300 million transactions, adding, “We aim to reach LE 800 billion of transactions by the end of this year.”
During his speech at the PAFIX conference and exhibition within the Cairo ICT exhibition, Nasr explained that InstaPay is a point along the series of successes that came from the various digital projects launched by the CBE over the past years, starting with Meeza cards and the mobile phone system that provides real-time services.
The CBE last year announced the official launch of the national system for the instant payments network and the InstaPay application for banking sector customers, allowing financial transactions to be conducted electronically and instantly.
It utilizes a real-time payments network to facilitate money transfers and electronic payments.
The step was implemented as part of the digital transformation strategy of the National Payments Council, headed by President Abdel Fattah al-Sisi.
The launch of InstaPay is an important step towards achieving the Central Bank’s comprehensive vision of national payment systems.
