In a move that underscores Egypt’s dedication to fostering cooperation with African nations, the Central Bank of Egypt (CBE) recently hosted a delegation from the Central Bank of Kenya (CBK). This visit was part of a broader initiative to share Egypt’s pioneering efforts in developing the Instant Payment Network (IPN) and the InstaPay application.
The CBK delegation, composed of a specialized technical team, engaged deeply with the IPN’s technical and operational aspects during their stay. They delved into the CBE’s range of services, focusing on the InstaPay application’s functionality and the swift transaction processing within the IPN. This exchange has been instrumental in enhancing the Kenyan team’s technical know-how in payment systems.
This encounter is a testament to the ongoing efforts to solidify bilateral ties in payment systems and services between Egypt and Kenya. It also reflects the eagerness of African nations to draw upon Egypt’s advanced digital payment capabilities, especially those demonstrated by the IPN and InstaPay, which adhere to top-tier international standards.
The CBE is committed to a comprehensive digital transformation strategy within the financial sector, aiming to align with national objectives for a cashless society. As part of this strategy, the CBE is introducing an array of innovative services to the IPN. These include cardless ATM withdrawals and electronic purchases via POS terminals or smartphone apps, all slated for release later this year.
The CBK’s visit aligns with the recent Memorandums of Understanding (MoUs) signed by the CBE with several African central banks, including those of Nigeria and Ghana, further cementing Egypt’s role as a leader in digital finance innovation across the continent.
