Egyptian Central Bank Governor Hassan Abdallah participated in the 50th annual meeting of the Arab Central Banks and Monetary Institutions' governors in Abu Dhabi. He stressed the importance of implementing instant payment programs that suit each country's needs and priorities, as well as the level of development of its payment system.
The meeting, attended by representatives of the World Bank and the Organisation for Economic Co-operation and Development, discussed the progress made in implementing comprehensive instant payment activities in the Arab region. Abdallah highlighted the region's rapid shift towards digital payments, citing the launch and development of several instant payment systems, including Egypt's "InstaPay", Saudi Arabia's "Sarie", and the United Arab Emirates' "Aani".
Abdallah reviewed the significant growth of Egypt's Instant Payment Network (IPN), with 22 million registered customers and 1.47 billion transactions worth approximately 4.33 trillion Egyptian pounds by the end of the second quarter of 2026. He emphasized the importance of developing instant payment programs that meet the needs of each country.
The Egyptian Central Bank Governor identified three main areas of focus for the coming stage: enhancing the inclusivity of instant payment services, expanding usage cases through instant payment systems, and supporting regional integration and cross-border payments.
Abdallah also participated in a high-level workshop titled "Macroeconomic Resilience in Times of Geopolitical Turmoil", where he emphasized the importance of maintaining central banks' independence and credibility, as well as coordinating monetary and fiscal policies.
The Governor's participation in the meetings included attending the Middle East and North Africa Financial Health Leaders Summit, organized by the Central Bank of the United Arab Emirates in cooperation with the World Bank and the United Nations Secretary-General's Special Envoy for Financial Health.
The meetings provided a platform for Abdallah to engage with financial leaders and experts from the region and beyond, highlighting Egypt's efforts to develop its payment systems and enhance financial inclusion.
Key points
- The Egyptian Central Bank Governor emphasized the importance of implementing instant payment programs tailored to each country's needs and priorities.
- The region is witnessing a rapid shift towards digital payments, with several instant payment systems launched and developed in countries such as Egypt, Saudi Arabia, and the United Arab Emirates.
- Egypt's Instant Payment Network (IPN) has seen significant growth, with 22 million registered customers and 1.47 billion transactions worth approximately 4.33 trillion Egyptian pounds by the end of the second quarter of 2026.
