- Visa has partnered with the Egyptian Banks Company (EBC) to ease and improve the process of international remittances for Egyptians living abroad.
- This news follows EBC”s announcement of a collaboration with Mastercard on February 7, 2024, aimed at improving Egypt’s digital payments ecosystem and fostering inclusive economic growth.
- This move will allow EBC’s technological infrastructure and Visa’s digital financial services to be combined to offer cutting-edge digital wallet and electronic payment solutions.
This partnership is consistent with the Egyptian government’s and the CBE’s strategies for encouraging and facilitating remittances from Egyptians working abroad.
The EBC is the technological arm of the Central Bank of Egypt (CBE), which manages and develops various domestic payment ecosystems in Egypt, including the Instant Payments Network (IPN) and the InstaPay application.
The CBE has also introduced a series of measures regulating credit card use by Egyptians abroad.
Consequently, customers who fail to provide documented evidence of credit card use during their stay abroad within 90 days will face several consequences, including credit…