Visa, Egyptian Banks Company team to facilitate remittances for Egyptians abroad
By Delisha Fernandes
Visa has signed a memorandum of understanding (MoU) with Egyptian Banks Company (EBC) in collaboration with the Central Bank of Egypt (CBE) to facilitate and enhance the process of international remittances for Egyptians living abroad.
This partnership aims to leverage Visa’s advanced digital financial services and EBC’s technological infrastructure to introduce innovative solutions for electronic payment services and digital wallets.
Leila Serhan, Senior Vice President for North Africa, Levant, and Pakistan (NALP) at Visa, said, “Remittances from Egyptian expatriates play a pivotal role in the national income and foreign currency inflow, providing vital support to countless families in Egypt and abroad. Egypt’s large diaspora, spanning numerous countries, underscores its position as the fifth largest recipient of remittances globally. The export of Egyptian talent and expertise abroad not only generates foreign currency but also supports the domestic economy.”
The MoU comprises two key projects. The first involves integrating a service into the InstaPay application, allowing customers to seamlessly transfer funds from Visa-linked accounts outside Egypt into registered customers’ accounts or transfer them to other customers through the Instant Payments Network (IPN).
The second project focuses on collaborating with banks and financial institutions to enable transfers to beneficiaries in Egypt using IPN’s phone number or username directory.
Engineer Tarek Raouf, Executive Chairman and CEO of Egyptian Banks Co. for Technological Advancements (EBC), said, “The Instant Payments Network (IPN), supported by the InstaPay application, has brought about a significant transformation in financial inclusion rates since its launch in March 2022. The application has empowered customers within Egypt to securely make instant transfers between bank accounts, cards, and mobile wallets. We are excited about maximizing the enormous potential of the InstaPay application to enhance cross-border financial flows, in line with the vision of the Central Bank of Egypt, which promotes leveraging digital transformation opportunities for Egypt’s economic growth. ”
Furthermore, the partnership aims to enhance user experience and expand the array of services offered by leveraging the strong presence of Visa’s global network while relying on the unique instant transfer experience provided by EBC through the InstaPay application. This allows customers to initiate transfers from Visa-linked accounts outside Egypt, with the option of either adding the transfer amount to registered customers’ accounts or transferring to other customers through the Instant Payments Network.
IBSi Daily News Analysis
February 28, 2024
Central Bank of Egypt
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