Egypt Commercial International Bank launches instant payments

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.