Egyptian Banks Company and the Arab Regional Payments Clearing and Settlement Organization facilitate cross-border payments

Mr. Mehdi Manaa, CEO of Buna, the cross-border payment system run by Arab Regional Payments Clearing and Settlement Organization “ARPCSO,” owned by The Arab Monetary Fund “AMF,” and Mr. Tarek Raouf, Chief Executive Officer of Egyptian Banks Co. for Technological Advancement (EBC), a payment system operator owned by the Central Bank of Egypt and a group of commercial banks, signed a Memorandum of Understanding (MOU) in Abu Dhabi on 27 October 2022.
Through their strategic partnership, Buna and EBC hope to support various use cases like consumer remittances and online commerce while streamlining cross-border payment flows between Egypt and the Arab world. The proposed solution will increase cross-border instant payments’ advantages for individuals and businesses, enabling greater economic integration and tying the Arab world’s economies together.
Mr. Tarek Raouf, Chief Executive Officer of EBC, commented “the strategic cooperation between Buna and EBC marks a new threshold for the realization of EBC’s vision at a regional level. For years, EBC has been modernizing national payment networks and schemes in compliance with international standards and has supported the interoperability of payment services domestically. Raouf added “Joining Buna as a hub for regional payment comes in this special juncture to connect our payments infrastructure with the regional payments ecosystem, ushering in a great potential for delivering an unmatched instant and cross-border payment experience to users across the Arab world. We are witnessing today a new level of regional synergy within the payments ecosystem, unlocking tremendous opportunities for economic development and cooperation between Egypt and Arab nations”.