Egyptian Banks Company (EBC) and Visa sign a Memorandum of Understanding to facilitate Remittances for Egyptians living abroad.

EBC and Visa sign a Memorandum of Understanding to facilitate Remittances

The strategic partnership between EBC and VISA aims at leveraging Visa’s cutting-edge digital financial services and expertise, as well as the advanced technological infrastructure managed by EBC, to introduce innovative solutions for electronic payment services, digital wallets, and more.

The MOU establishes a comprehensive framework for collaboration between both parties, with initial focus on two key projects; the first project proposes the introduction of an additional service to the InstaPay application, enabling customers to initiate transfers from Visa-linked accounts outside Egypt, with funds seamlessly deposited into registered customers’ accounts or transferred to other customers via the Instant Payments Network (IPN). The second project involves partnering with banks and financial institutions to facilitate transfers to beneficiaries in Egypt using IPN’s phone number or username directory.

“Remittances from Egyptian expatriates play a pivotal role in the national income and foreign currency inflow, providing vital support to countless families in Egypt and abroad. Egypt’s large diaspora, spanning numerous countries, underscores its position as the fifth largest recipient of remittances globally.  The export of Egyptian talent and expertise abroad not only generates foreign currency but also supports the domestic economy.”

“The MoU between Visa and EBC, under the auspices of the CBE, is instrumental in leveraging Visa’s global network strength, unlocking the full potential of the Egyptian payment ecosystem, and working closely with EBC to map a path towards financial inclusion through the digitization of payments in Egypt. This collaboration will enable the Egyptian market to benefit from Visa’s global payment strategy, share market insights, and access cutting-edge technological innovations,” Serhan further added.

“The Instant Payments Network (IPN), supported by the InstaPay application, has brought about a tremendous increase in financial inclusion rates since its launch in March 2022. The application has empowered customers within Egypt to securely make instant transfers among bank accounts, cards, and mobile wallets. We are excited about maximizing the enormous potential of the InstaPay application to enhance cross-border financial flows, in line with the vision of the Central Bank of Egypt, which promotes leveraging digital transformation opportunities for Egypt’s economic growth. This application offers a secure and immediate alternative for remittances, providing Egyptians abroad with a convenient and secure transfer alternative compared to other available channels.”

“I am highly optimistic about the collaboration between Visa and EBC to drive innovation in cross-border digital payments, aiming to expand the user base of the InstaPay application beyond Egypt by utilizing Visa’s global presence. Both entities will work together to provide innovative digital solutions to global users of the application, ultimately increasing financial inflows into Egypt and stimulating long-term economic growth”, he added.

This partnership aims to enhance the user experience and expand the array of services offered by leveraging the strong presence of Visa’s global network while relying on the unique instant transfer experience provided by EBC through the InstaPay application.

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