Mobile/e-wallets in Egypt have been increasing in popularity, accelerated by several initiatives from the Central Bank of Egypt (CBE), with the number of mobile wallets climbing to 39.4 million in 2023
Real-time payments account for only 1.4% of Egypt’s overall payments by volume, but that is expected to change rapidly, writes ACI
InstaPay is expected to roll out the remittance services in the first half of 2024
The increase, effective March 15, 2023, is a response to growing demand from customers, with the CBE citing opinion polls
Under the new regulations, banks will be able to roll out services that support these payments soon, though the statement does not specify a timeline
