Commercial International Bank – Egypt launches instant payment network to support digital transformation plans

Commercial International Bank – Egypt (CIB) has launched the Instant Payments Network (IPN) through its digital channels, including internet and mobile banking, as well as the Egyptian Society of Banks’ InstaPay application, in accordance with the Central Bank of Egypt (CBE) advice on supporting digital transformation and facilitating digital payments.

In June 2022, the total value of in-app payments reached almost EGP 2.6 billion and the number of transactions increased by 500%. The number of subscribers to the service also increased by 286%.

The IPN is seen as a new payment network with the ability to instantly send and receive funds between member banks throughout the day using an enhanced experience and transfer funds between different types of accounts, cards Meeza and mobile wallets.

“IPN is a unique model that will strongly support CIB’s efforts to accelerate digital transformation and change consumer behavior to be more responsive to change, which is an overarching goal,” said Mohamed Farag, deputy director of operations of the CIB. “IPN seeks not only to provide a payment network, but also to offer a new experience that meets customer needs and opens the door to creativity and innovation, aimed at maximizing customer benefits”, he added.

CIB also launched the latest generation of ATMs, offering customers a whole new banking experience, in line with the Bank’s strategy of bringing innovative solutions to the market that elevate the customer experience to new levels of convenience. Excellency.

Improved ATMs feature a touch screen displaying icon-like menus that allow users to view and navigate each icon on the screen. With this new feature, ATMs provide a seamless banking experience with easy-to-use features and options, similar to smartphones, and help reduce the time it takes to complete transactions. ATMs can be easily integrated into bank systems due to their fast programmable nature.

The Bank has also launched the International Bank Account Number (IBAN) on CIB’s enhanced ATMs, allowing customers to obtain and print the IBAN through ATMs.

This initiative reflects CIB’s firm commitment to investing in modern technologies that help improve the customer experience and allow customers to carry out their banking transactions 24/7 with ease.

“This development is in line with the Bank’s desire to offer innovative technologies on all digital channels. It reaffirms our commitment to introduce the latest solutions and technologies in banking services to support customers and provide them with a high-quality, fast experience, in line with the CBE’s vision to achieve financial inclusion,” said Farag.

CIB is an early promoter of the migration of banking services to digital channels through the digital transformation program, “Bank of the Future”, which has achieved outstanding results in the first half of 2022. This is in line with Egyptian government’s efforts to drive digital transformation, aimed at improving customer experience and service quality as well as boosting efficiency and effectiveness.

The Bank has seen a huge 72% increase in the number of digital banking transactions conducted via Mobile Banking by June 2022. Transaction value reached EGP 100 billion, an increase of 83%. In June 2022, the value of transactions conducted through digital channels reached EGP 537 billion, 48% more than in the first half of 2021.

In June 2022, the number of retail customers subscribing to Internet Banking also increased by 26% compared to the first half of the previous year. The value of ATM transactions made also increased by 24%.

CIB’s Business Online services have also seen a major breakthrough, with customers relying entirely on these channels as alternatives to cash transactions and paperwork. The percentage of transactions conducted via CIB Business Online and EG-ACH increased by 36% to reach EGP 317 billion, 51% more than in the first half of 2021. In June 2022, the number of subscribers also increased 60% compared to the first half of the previous year.

In line with the National Government Payments Automation Strategy, the Bank successfully expanded its customer base for government electronic payments for businesses through its Corporate Payment System (CPS), achieving a 30% increase in the number of transactions by June 2022. The value of transactions exceeded EGP 15.7 billion, 47% more than in the first half of 2021. Recent EPC decisions are key to the digital transformation of banking services, reducing pressure on bank branches and reducing dependence on cash. These decisions include exempting individuals from bank transfer fees and commissions that are made in EGP through digital channels.

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