The Central Bank of Egypt (CBE) has announced a major step forward in the country’s digital finance transformation, confirming that it is working with local banks to launch card tokenization services on Android devices in the near future.
The initiative builds on the successful rollout of tokenized payments via Apple Pay, which marked the first phase of Egypt’s national card tokenization agenda. With Android users now in focus, the CBE aims to broaden the accessibility of digital payment options and further embed mobile-based transactions into everyday financial life.
Collaboration with Global and Local Partners
The CBE emphasized that the expansion of tokenization services is being carried out in collaboration with:
- Visa and Mastercard, the world’s leading payment networks
- Meeza, Egypt’s national payment system
- Apple and Android app ecosystems
- Local banks, fintech firms, and mobile wallet providers
This cross-sector partnership aims to foster interoperability between local and global payment systems, helping Egypt align with international digital finance standards.
Digital Financial Ecosystem Sees Strong Growth
The CBE shared updated figures reflecting surging adoption of digital financial tools:
- 41.5 million+ Meeza cards in circulation as of December 2024
- 50.4 million mobile wallet accounts
- 1.1 billion mobile wallet transactions in H2 2024
- Total mobile wallet transaction value reached EGP 1.54 trillion during that period
These numbers underscore growing public engagement with digital payment platforms across Egypt — especially through government-backed tools like Meeza and real-time systems like InstaPay.
What’s Next for InstaPay?
The CBE also confirmed that it is upgrading Egypt’s instant payments network, InstaPay, to support new services and improve infrastructure. InstaPay has been a key pillar in Egypt’s digital finance push, allowing instant money transfers between banks and wallets through a single mobile app.
While details of the new services have not yet been disclosed, sources suggest the enhancements will focus on:
- Merchant payments
- Bill payments and subscriptions
- Cross-platform interoperability
- Real-time transaction limits and analytics
Egypt’s Vision: A Cashless, Inclusive Economy
Egypt’s digital finance drive is central to its Vision 2030 economic strategy, which prioritizes financial inclusion, digital transformation, and formalization of the informal economy.
By integrating cutting-edge technologies like tokenization, the CBE and its partners are positioning Egypt as a regional leader in secure mobile payments — while offering millions of users more convenient and trusted ways to engage in the financial system.
