Egypt's Instant Payment Network (IPN) has achieved a significant milestone, recording 1.47 billion transactions worth approximately EGP 4.33 trillion by the end of the second quarter of 2026. This was announced by Central Bank of Egypt (CBE) Governor Hassan Abdalla. The IPN is Egypt's national real-time electronic payment infrastructure, launched by the CBE to connect banks operating in Egypt, enabling instant fund transfers and financial transactions.
The number of customers registered with the IPN reached around 22 million during the same quarter. The network has been instrumental in driving Egypt's shift towards a cashless society. As part of its strategy, the CBE is working to strengthen Egypt's digital financial infrastructure, providing flexible and low-cost electronic payment solutions via smartphones. This move is crucial, given the ongoing macroeconomic challenges and the regional conflict.
The 50th annual Ordinary Session of the Council of Arab Central Banks and Monetary Authorities was held in Abu Dhabi on September 29. The regional forum brought together heads of central banks and monetary authorities from Arab countries to coordinate financial, monetary, and economic policies. The session was attended by representatives from the World Bank Group and the Organization for Economic Co-operation and Development (OECD).
The council's meeting included discussions on implementing comprehensive instant payment programs across the Arab region. Several countries have launched instant payment systems, including Egypt's InstaPay, Saudi Arabia's Sarie, and the UAE's Aani. These systems aim to facilitate digital payments and promote financial inclusion. Egypt's shift towards digital payments is evident, with cashless transactions expected to rise to $27.63 billion by 2027.
To further develop regional instant payment systems, CBE Governor Hassan Abdalla outlined three key priorities: enhancing the inclusivity of instant payment services, expanding use cases within the systems, and supporting regional integration alongside the development of cross-border payments. Egypt is also exploring cooperation with other countries to expand cross-border payments, including talks with the African Export-Import Bank (Afreximbank) on its Pan-African Payment and Settlement System (PAPSS) initiative.
The CBE is also seeking cooperation with the UAE to open new opportunities for subsidiaries of the National Investment Bank (NIB), establish electronic payment services in the Emirati market, and facilitate electronic financial services for Egyptians residing in the UAE. Abdalla emphasized the importance of implementing instant payment programs while preserving central bank independence and credibility.
Governor Abdalla participated in the MENA Leaders' Summit on Financial Health, which took place from September 30 to October 1. The summit was organized by the Central Bank of the UAE in collaboration with the World Bank and other international organizations. Key points from the discussions include the importance of coordination between fiscal and monetary policies among regional central banks, especially amid rising global uncertainty.
Key points
- Egypt's Instant Payment Network (IPN) processed 1.47 billion transactions valued at EGP 4.33 trillion in the second quarter of 2026.
- The number of customers registered with the IPN reached around 22 million during the same quarter.
- Cashless transactions in Egypt are expected to rise to $27.63 billion by 2027.
