The number of financial services companies raised from 32 to 177 companies, which contributed to attracting $800 million from 2017 to 2022,
Deputy Governor of the Central Bank of Egypt (CBE), Rami Aboulnaga, announced that the number of Instapay customers reached more than 6.2 million users in 2022.
Within the scope of CBE’s strategy to transform Egypt into a technological center, the number of financial services companies raised from 32 to 177 companies, which contributed to attracting $800 million from 2017 to 2022, Aboulnaga added.
Aboulnaga pointed to the CBE’s efforts to boost electronic payments which resulted in the increase of the number of electronic points of sale to more than 1.2 million points, and the number of ATMs to 23,000 machines.
The CBE succeeded in launching the Meeza system, reached more than 336 million Meeza cards.
Meeza is part of Egypt’s strategy aimed at digital transformation and financial inclusion. Additionally, it targets replacing state employees’ payroll cards with Meeza.
In addition to that, the electronic payment cards reached 62 million cards, deputy governor of CBE said.
Earlier in November, the CBE has reached initial agreements with the central banks of the UAE and Jordan and is in advanced talks with the central bank in Saudi Arabia to allow InstaPay users to transfer money from banks in these countries to their Egyptian bank accounts, Asharq Bloomberg reported.
Instapay is the Central Bank of Egypt (CBE)’s payment service app and reported in March 2023 that it has completed over EGP 112.7 billion worth of transactions in 2022, with 2.16 million registered users carrying out around 20.3 million transactions.
Earlier in October, the Capgemini Research Institute’s 2023 World Payments Report predicts that the volume of non-cash transactions in Egypt will witness a remarkable increase in 2023 reaching $16.34 billion.