Visa inked a memorandum of understanding (MoU) with the Egyptian Banks Company (EBC), the technology arm of the Central Bank of Egypt (CBE), to streamline and improve the process of international remittances for Egyptians residing overseas, the financial services announced in a press release shared with Egyptian Streets on 11 February. “This strategic partnership is aimed towards enhancing the scope of instant payments and streamlining the reception of international remittances from Egyptian expatriates,” reads the press statement. The collaboration aims to leverage Visa’s “cutting-edge digital financial services and expertise” with EBC’s “advanced technological infrastructure” to provide Egyptians abroad with innovative solutions for electronic payment services, digital wallets, and more. EBC serves as the country’s operator for its national payment networks and ecosystems – developing payment system infrastructure, digitising government payments, enhancing financial inclusion, and bolstering the transition to a cashless economy. The company is most known for managing the Instant Payments Network (IPN) and InstaPay, Egypt’s most popular money transfer service application. The agreement encompasses two key initiatives. The first involves the integration of a service into the InstaPay application, enabling customers to seamlessly transfer funds from Visa-linked accounts outside…
The post Visa and Egypt Agree to Establish Remittances Transfer Service first appeared on Egyptian Streets.
Source: egyptianstreets
