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Egypt

Instant Payment Network (IPN)

Scheme name: Instant Payment Network (IPN)

IIPS Type: Cross-domain

Instruments: Credit EFT, Debit EFT, E-money, Card

Channels: Browser, App, QR, Branch

Use cases: Transfers & remittances (P2P), Bill payments (P2B/P2G), Inventory & business services (B2B), Salaries & wages (B2P)

Inclusivity level: Not ranked

Year of establishment: 2022

System owner: Central Bank of Egypt

Overseer: Central Bank of Egypt

Operator: Egyptian Banks Company

Total Participants: 36

Volumes 2023: 423,500,000

Values 2023: 17,895,003,422 USD

Back to mapMore information about this topic
CategoryInstant Payment Network (IPN)
Geographic reachDomestic
Geographic descriptionEgypt
Scheme governanceCentral Bank of Egypt
Settlement agentCentral Bank of Egypt
Participants - commercial banks35
Participants - MMOs0
Participants - non-bank PSPs1
Participants - MFIs0
US$ Exchange Rate 30 April47.7787
Values 20221,188,814,262 USD
Values 2023 not-on-us transactions (US$)17,895,003,422 USD
Values 2023 on-us transactions (US$)N/A
Total value of instant payment transactions 2023 (US$)17,895,003,422 USD
Interoperability arrangementPayment system operator
Ownership modelRegulator-owned
Governance TypologyCentral bank
Scheme rules shared or publically available?Yes
Messaging standardProprietary
Types of proxy IDsMobile phone number; Proprietary ID
Use of open APIsYes
QR code standard N/A
Pro-poor governanceNo
CB governance involvementYes
Expanded use casesNo
Minimum channel functionalityYes
Minimum use case functionalityNo
All licensed PSPs can participate (all-to-all interoperability)Yes
RecourseNo
Not-for-lossNo
StatusPotential to reach progressed level
Strengths/driversNot ranked due to missing P2B use case; fulfilled progressed criteria except for pro-poor governance.
Areas of developmentAreas of development include the P2B use case as well as enabling inputs of both banking and non-banking participants in the system decision-making to reach progressed level.

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