In line with the Central Bank of Egypt’s guidance towards digital transformation and digital payments, the Commercial International Bank – Egypt (CIB) has launched the Instant Payment Network (IPN) through its digital channels, including internet and mobile banking, as well as the Egyptian Banks Company’s InstaPay application.
In June 2022, the total value of payments through the InstaPay app reached nearly EGP 2.6bn and the number of transactions and increase of 500%. In addition the number of subscribers to the service also increased by 286%.
The IPN is considered a new payment network with the ability to instantly send and receive funds between member banks all day long using an enhanced experience and transfer funds between different account types, Meeza cards and mobile wallets.
Mohamed Farag, the CIB’s Deputy Chief Operations Officer stated, “The IPN is a unique model that will strongly support the CIB’s efforts to accelerate digital transformation and change consumers’ behaviour to be more responsive to changes, which is a primary objective. The IPN seeks not only to provide a payment network but also offer a new experience that meets customer needs and opens the door to creativity and innovation, aiming to maximize customer benefits.”
The CIB has also launched the latest generation of ATMs, providing customers with an all-new banking experience, in line with the Bank’s strategy of bringing to the market innovative solutions that elevate customers’ experience to new levels of excellence.
“This development is part of the Bank’s commitment to offering innovative technologies across all digital channels. It reaffirms our commitment to introducing the latest solutions and technologies in banking services to support customers and provide them with a fast top-quality experience, in line with the CBE’s vision for achieving financial inclusion,” said Farag.
The Bank has witnessed a huge surge of 72% in the number of digital banking transactions performed through Mobile Banking by June 2022. The value of transactions reached EGP 100bn, increasing by 83%. In June 2022, the value of transactions performed through digital channels reached EGP 537bn, which is 48% higher compared to the first half of 2021.
