The Deputy Assistant Governor of the Central Bank of Egypt for Banking Operations and Payment Systems Ehab Nasr, announced on Thursday that more services will be launched on the InstaPay application in the near future, including cash withdrawal services through ATMs.
Next year will witness the availability of a new type of license for financial technology companies, he added, to connect with the real-time payments system other than the InstaPay app.
It will add new and advanced services capable of achieving a boom in transactions, and support the state’s plan to transform Egypt into a society less dependent on banknotes.
He explained that work is being done with all local and international partners to complete the bank cards encoding project on mobile phones during the first half of next year.
“We are working on completing the digital financial identity project during the next year, which will allow customers to open (bank) accounts electronically without the need to go to bank branches,’ he said.
The number of InstaPay users exceeded 6.2 million customers, Nasr added.
Transactions carried out on the application reached 350 million, with transaction values exceeding LE650 billion this year alone, he noted, which is expected to rise to over LE800 billion by the end of the year.
