Visa and the developer and operator of Egypt’s national payment networks and ecosystems, Egyptian Banks Company (EBC), in cooperation with the Central Bank of Egypt (CBE), inked a memorandum of understanding (MoU) to improve the process of international remittances for Egyptians residing overseas, as per an emailed press release to Arab Finance on February 11th.

Through this collaboration, unique solutions for digital wallets and electronic payment services will be introduced, utilizing both Visa's digital financial services and EBC's technological infrastructure.

The EBC oversees several domestic payment ecosystems, such as the InstaPay app and the Instant Payments Network (IPN).

Per the MoU, a new service will be added to the InstaPay application to enable customers to make transfers from accounts linked to a Visa card outside Egypt and add the transfer amount to registered customer accounts.

It will see the cooperation with banks and financial institutions to send transfers to beneficiaries in Egypt via the phone number or username directory on the real-time payments network.

 

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