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CIB launches Instant payment service to support digital transformation plans

August 18, 2022

CIB launches Instant payment service to support digital transformation plans
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.

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