CBE Hosts a Delegation from CBK to Share the Egyptian Pioneering Experience in Establishing the Instant Payment Network

In line with Egypt’s Keenness on expanding collaboration with African countries across all sectors, the Central Bank of Egypt (CBE) welcomed a delegation from the Central Bank of Kenya (CBK), comprising a specialized technical team. Their visit aimed to leverage on Egypt’s exceptional expertise in establishing and operating the Instant Payment Network “IPN” and the InstaPay application.

During their recent visit to CBE, the Kenyan delegation capitalized on the technical and operational capabilities of the Egyptian IPN, and explored the activities and services offered by the CBE, particularly the InstaPay application and the instant transactions completed within the system, as well as its mechanisms and techniques. The delegation’s visit has significantly contributed to building up their technical capacities in this field.

The visit comes within the context of strengthening the bilateral cooperation between the Egyptian and Kenyan sides in the field of payment systems and services. Additionally, the visit reflects the keenness of African countries to capitalize on Egypt’s leading expertise in the Digital Payments field, particularly the Instant Payment systems and the InstaPay application, launched in accordance with the best international practices.

The Central Bank of Egypt (CBE) adopts a comprehensive strategy to promote the digital transformation within the banking and financial sectors. This strategy includes the establishment of modern payment systems that align with the state’s plans to transform into a less cash society. Noteworthy, the CBE is currently adding a series of new remarkable services to the Instant Payment Network, including, but not limited to, card-less cash withdrawals from ATMs, purchases through merchants’ electronic POS terminals or smart phone applications. These services are set to be launched subsequently later this year.

It is worth mentioning that the central bank of Kenya delegation’s visit comes within the framework of the Memorandums of Understanding (MoUs) signed recently by the Central Bank of Egypt with a number of African central banks, including Nigeria and Ghana.