In line with the Central Bank of Egypt’s (CBE) guidance on supporting digital transformation and facilitating digital payments, the Commercial International Bank (CIB) has launched Instant Payment service through its digital channels, including Internet Banking and Mobile Banking, as well as the Egyptian Banks Company’s InstaPay application. By June 2022, the total value of payments through the app reached nearly EGP 2.6 billion and the number of transactions increased by 500%. The number of subscribers to the service also increased by 286%.
The Instant Payment Network (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.
“The IPN is a unique model that will strongly support CIB’s efforts to accelerate digital transformation and change consumers’ behavior to be more responsive to changes, which is a primary objective,” said Mr. Mohamed Farag, CIB’s Deputy Chief Operations Officer. “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,” he added.
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.
The upgraded ATMs 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 ATMs can be integrated within the Bank’s systems easily due to their fast programmable nature.
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.
This initiative reflects CIB’s firm commitment to investing in modern technologies that contribute to enhancing customer experience and enable customers to conduct their banking transactions 24/7 with ease.
“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 Mr. Farag.
CIB is one of the first proponents of migrating banking services to digital channels through the digital transformation program, “Bank of the Future,” which achieved outstanding results during the first half of 2022. This is in line with the Egyptian government’s efforts to drive digital transformation, aiming to improve customer experience and service quality as well as enhance efficiency and effectiveness.
CIB 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 100 billion, increasing by 83%. By June 2022, the value of transactions performed through digital channels reached EGP 537 billion, which is 48% higher compared to the first half of 2021.
By 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%.
CIB’s Business Online services have also witnessed a major leap with customers depending completely on these channels as alternatives to cash transactions and paperwork. The percentage of transactions performed through CIB Business Online and EG-ACH increased by 36% to reach EGP 317 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.
Following the nation’s strategy to automate government payments, the Bank has successfully expanded its customer base for governmental e-payments for corporations 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, which is 47% higher compared to the first half of 2021. The CBE’s recent decisions are key to the digital transformation of banking services, reducing pressure on the bank’s branches and reducing reliance on cash. These decisions include exempting individuals from bank transfer fees and commissions that are carried out in EGP through digital channels, such as Mobile Banking and Internet Banking, and IPN applications.