National Bank of Egypt enables instant transfer receipt from abroad

The National Bank of Egypt (NBE) announced that it will allow its customers to receive instant transfers from abroad through the bank's network of agents and correspondents, Ahram Gate reported.

The new service will enable customers to receive transfers instantly, seven days a week, including during official holidays, the NBE said in a statement on Thursday.

The move supports Egypt’s digital transformation plan making the society less dependent on cash to enhance the government’s financial inclusion strategy, said the bank’s Vice Chairman of the Board of Directors Yehia Aboul-Fotouh.

“Incoming remittances from abroad play a major role not only in [supporting] the national economy but also in reviving the global economy … by providing basic services to customers outside Egypt and all over the world,” he continued.

The new service offers a lower cost compared to similar offers available in the market, said NBE's Retail CEO Karim Soos.

Previously, international transfers could typically take more than three business days.

SOURCE: Ahram Online