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 […]
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