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Egypt's Commercial International Bank launches Instant Payment Network

Tuesday 23 August 2022 14:50 CET | News

The Commercial International Bank Egypt (CIB) has launched the Instant Payment Network (IPN) through its digital channels, including internet and mobile banking.

 

Apart from this, the Egyptian Banks Company’s InstaPay application has been launched, in line with the Central Bank of Egypt’s (CBE) guidance on supporting digital transformation and facilitating digital payments.

The IPN will enable users 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.

The CIB has also launched upgraded ATMs, which feature a touch screen displaying icon-shaped menus that enable users to view and navigate every icon on the screen. With this new feature, ATMs offer a seamless banking experience with easy-to-use functions and options, similar to smartphones, and help reduce the time needed to complete transactions. 

The Bank also launched the International Bank Account Number (IBAN) across CIB’s upgraded ATMs, enabling customers to obtain and print the IBAN through ATMs.


The Commercial International Bank – Egypt (CIB) has launched the Instant Payment Network (IPN) through its digital channels, including internet and mobile banking.

 

The Commercial International Bank and online banking in Egypt – key figures

According to dailynewsegypt.com, in June 2022, the total value of payments through the app reached over USD 135 million and the number of transactions increased by 500%. The number of subscribers to the service also increased by 286%.

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 USD 5 billion, 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, the source informs.

In June 2022, the number of individual customers subscribed to internet banking also increased by 26% compared to the first half of the previous year. The value of ATM transactions performed also increased by 24%.

The percentage of transactions performed through the CIB Business Online and EG-ACH increased by 36% to reach USD 16 billion, which is 51% higher compared to the first half of 2021. By June 2022, the number of subscribers also increased by 60% compared to the first half of the previous year.

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Keywords: online banking, instant payments, payments , mobile banking
Categories: Banking & Fintech
Companies: Commercial International Bank Egypt
Countries: Egypt
This article is part of category

Banking & Fintech

Commercial International Bank Egypt

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