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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: Branch, App, Browser, QR
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 map| Category | Instant Payment Network (IPN) |
|---|---|
| Geographic reach | Domestic |
| Geographic description | Egypt |
| Scheme governance | Central Bank of Egypt |
| Settlement agent | Central Bank of Egypt |
| Participants - commercial banks | 35 |
| Participants - MMOs | 0 |
| Participants - non-bank PSPs | 1 |
| Participants - MFIs | 0 |
| US$ Exchange Rate 30 April | 47.7787 |
| Values 2022 | 1,188,814,262 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 arrangement | Payment system operator |
| Ownership model | Regulator-owned |
| Governance Typology | Central bank |
| Scheme rules shared or publically available? | Yes |
| Messaging standard | Proprietary |
| Types of proxy IDs | Mobile phone number; Proprietary ID |
| Use of open APIs | Yes |
| QR code standard | N/A |
| Pro-poor governance | No |
| CB governance involvement | Yes |
| Expanded use Cases | No |
| Minimum channel functionality | Yes |
| Minimum use case functionality | No |
| All licensed PSPs can participate (all-to-all interoperability) | Yes |
| Recourse | No |
| Not-for-loss | No |
| Status | Potential to reach progressed level |
| Strengths/drivers | Not ranked due to missing P2B use case; fulfilled progressed criteria except for pro-poor governance. |
| Areas of development | Areas 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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