CAIRO, Reuters – The regulations allowing people to instantly make electronic payments from their bank accounts via mobile phones have been approved by Egypt’s central banking. It released a statement Monday.

According to the statement, a brand new network that will launch by the end the year would enable customers to log into all their bank accounts to make transfers to any bank using one app.

Rami Aboul Naga, deputy governor of the central bank, stated in the statement that customers will be able to make transfers through the network within seconds on weekdays or during holidays by using electronic payment tools provided by Egyptian banks.

In the two-years since its inception, Egypt introduced new regulations and legislation to encourage fintech investments. This has helped Egypt’s citizens who are largely not banked change their business habits.