CBE highlights digital transformation achievements in e-payment services

Hossam Mounir
4 Min Read

The Central Bank of Egypt (CBE) issued a recent report on its efforts and achievements in the field of digital transformation, emphasizing the remarkable progress in digital payment services in the Egyptian market.

CBE stated that these efforts included launching the “Meeza” digital system for mobile phone wallets, which aims to enable interoperability for all mobile phone wallets and facilitate the completion of financial transactions. CBE also launched Meeza to provide financial services to citizens at affordable prices to achieve financial inclusion.

CBE launched the national system for instant payments Instant Payment Network (IPN) in March 2022, which is one of the most important infrastructure projects for payment systems sponsored by the bank. The system was designed to be an alternative to cash payments and to offer all transfer services to customers instantly.

According to CBE, the system provides services such as transferring money to various accounts, cards, and electronic wallets, inquiring about the account balance, obtaining a brief statement of the account, and paying the electricity, water, gas, and telephone bills.

The system also allows the quick completion of transfers at any time, 24/7. It also provides multiple methods of transfer via mobile numbers, bank accounts, or mobile phone wallets.

CBE also allows linking more than one bank account and Meeza card on the same system, in addition to easy registration on the system without having to pay physical visits to the bank. The system also gives the option of using it and benefiting from its services outside Egypt. Additionally, a user can carry out financial transactions in real time between Egyptian banks.

CBE set the limits of financial transactions on InstaPay at EGP 70,000 per transaction, EGP 120,000 per day from one bank, and EGP 400,000 per night from one bank.

CBE Egypt also established and launched the first center in Egypt to respond to computer emergencies within the financial sector, to coordinate and lead cyber protection efforts at the banking and financial sector level in a consistent manner, enhance cyber incident response and recovery activities, and share and analyze security information.

The Computer Emergency Response Center for the Financial Sector disseminates preventive warnings and early alerts, which has greatly helped in protecting the digital infrastructure of banks and financial institutions over the past years, in addition to providing many other cybersecurity services to the financial and banking sector.

The center also obtained accreditation and membership in the Forum of Incident Response and Security Teams (FIRST), thus becoming the first internationally recognized sector center of its kind in Egypt.

According to CBE, this membership will significantly contribute to supporting and raising the information security quality index for the Egyptian state as a whole, the Global CyberSecurity Index, which in turn enhances confidence in the country’s digital economy, supports the process of attracting foreign investments, and enhances the security and safety of critical banking infrastructure through prompt dissemination of the latest frameworks and practices followed globally.

CBE circulated the first version of the “Regulatory Cybersecurity Framework,” which is the first of its kind in Egypt, within the framework of helping to maintain a work environment and infrastructure with the highest levels of security and protection for data and information.

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