Sigma Capital

18-11-2024

EGP 1.2 trillion is the volume of transactions on Instapay by the end of June:CBE

Source: MIST

Al MAl-


Ayman Hussein, Deputy Governor of the Central Bank of Egypt(CBE), said that the volume of transactions on the instant payment network and the Instapay application amounts to about EGP 1.2 trillion, adding that the Central Bank of Egypt is currently working on developing a framework for using artificial intelligence in banking work (AI framework work).
He pointed out that the Central Bank is working to benefit from the great advantages provided by technology.
This came during his participation in the activities of the 11th session of the PAFIX Exhibition and Conference for Payment Technology and Digital Inclusion, sponsored by the Central Bank of Egypt.
The Central Bank of Egypt launched the Instapay application to enable transfers between banks instantly around the clock, ensuring full compliance with all regulatory controls and technical requirements related to information security, information privacy, and protecting customer rights.
The maximum limits for transactions on the instant payment network applications are EGP 70 thousand per time,EGP 120 thousand as a maximum for total daily transactions, and EGP 400 thousand as a maximum for monthly transactions.
The exhibition and conference will be attended by, in addition to a large pavilion of the Central Bank, the largest companies operating in the field of electronic payments in Egypt, including MasterCard, Network International, and E-Finance. Also participating for the first time under its new name is Bank One Bank, the first digital bank in Egypt. Many banks will also participate, including Banque Misr, QNB Egypt,Banque du Caire , National Bank of Egypt, Commercial International Bank, and Alexandria Bank. Microsoft, Etisalat Egypt, Orange Egypt, and the Banking Institute will also participate.