Visa, a global leader in digital payments, has announced a significant collaboration with Egyptian Banks Co. for Technological Advancements (EBC), facilitated by the Central Bank of Egypt (CBE). This strategic partnership aims to revolutionize the landscape of instant payments and streamline the reception of international remittances from Egyptian expatriates.

The Memorandum of Understanding (MoU) signed between Visa and EBC sets the stage for a comprehensive collaboration focused on introducing innovative solutions for electronic payment services and digital wallets. Leveraging Visa’s cutting-edge digital financial services and EBC’s advanced technological infrastructure, the partnership aims to enhance the scope and efficiency of international transfers for Egyptians living abroad.

Commenting on the significance of this collaboration, Leila Serhan, Senior Vice President for North Africa, Levant, and Pakistan (NALP) at Visa, said: “Remittances from Egyptian expatriates play a pivotal role in the national income and foreign currency inflow, providing vital support to countless families in Egypt and abroad. Egypt’s large diaspora, spanning numerous countries, underscores its position as the fifth largest recipient of remittances globally.  The export of Egyptian talent and expertise abroad not only generates foreign currency but also supports the domestic economy.”

“The MoU between Visa and EBC, under the auspices of the CBE, is instrumental in leveraging Visa’s global network strength, unlocking the full potential of the Egyptian payment ecosystem, and working closely with EBC to map a path towards financial inclusion through the digitization of payments in Egypt. This collaboration will enable the Egyptian market to benefit from Visa’s global payment strategy, share market insights, and access cutting-edge technological innovations,” Serhan further added.

Engineer Tarek Raouf, Executive Chairman and CEO of Egyptian Banks Co. for Technological Advancements (EBC), commented, “The Instant Payments Network (IPN), supported by the InstaPay application, has brought about a significant transformation in financial inclusion rates since its launch in March 2022. The application has empowered customers within Egypt to securely make instant transfers between bank accounts, cards, and mobile wallets. We are excited about maximizing the enormous potential of the InstaPay application to enhance cross-border financial flows, in line with the vision of the Central Bank of Egypt, which promotes leveraging digital transformation opportunities for Egypt’s economic growth. This application offers a secure and immediate alternative for remittances, providing Egyptians abroad with a convenient and secure option compared to other available channels.”

“I am highly optimistic about the collaboration between Visa and EBC to drive innovation in cross-border digital payments, aiming to expand the user base of the InstaPay application beyond Egypt by utilizing Visa’s global presence. Both entities will work together to provide innovative digital solutions to global users of the application, ultimately increasing financial inflows into Egypt and stimulating long-term economic growth”, he added.

The collaboration between Visa and EBC aligns with the strategy of the Central Bank of Egypt and the Egyptian government to encourage and facilitate incoming remittances from Egyptians working abroad, particularly in the Gulf and Arab Levant countries. Visa’s extensive global network, spanning over 200 countries and supporting 160 currencies, positions it as a key player in facilitating remittances to Egypt, especially from the Gulf region.

This partnership aims to enhance user experience and expand the array of services offered by leveraging Visa’s global network and EBC’s instant transfer experience through the InstaPay application. Together with banks and financial institutions, they are developing a system to facilitate transfers to beneficiaries in Egypt using IPN’s phone number or username directory.

Visa prioritizes regulatory compliance and adherence to international best practices to ensure the security of its services and electronic payment channels on a global scale. Through this collaboration, Visa and EBC are poised to transform the landscape of international remittances for Egyptians, providing a seamless, efficient, and secure means of transferring funds across borders.