This expansion will allow InstaPay users to transfer money from banks in these countries to Egyptian bank accounts.
The move is part of the Egyptian government's efforts to increase remittances from Egyptians working abroad, following a significant decline in the previous fiscal year.
The Central Bank of Egypt is also considering whether these remittances should be credited in local or foreign currency. InstaPay has been growing steadily, having processed over LE 112.7 billion in transactions with 2.16 million registered users in 2022.