Commercial International Bank (CIB) Egypt has played a pivotal role in the early adoption of digital technologies in recent years. True to its leadership position in the digital transformation of banking services in Egypt, clients benefit from a unique digital banking experience that meets the latest international standards.
CIB achieved remarkable results in the first half (H1) 2021 compared to the same period last year, which is in line with financial inclusion guidelines set by the Central Bank of Egypt (CBE) and the Egyptian government. In the first half of 2021, the number of mobile banking transactions at CIB grew exponentially by more than 116%, with a transaction value reaching 55 billion EGP, which climbed more than 162% year-on-year.
The number of CIB online banking users increased by 34%, while the number of CIB Smart Wallet subscribers increased by 25% and the value of executed transactions exceeded 174%, reaching 2.7 billion EGP. In addition, CIB’s ATM network grew by 17% over the same period.
In addition, CIB’s business online banking services also saw rapid growth of 124% in the number of business internet banking transactions, in addition to a 48% increase in the number of subscribers in the first half of the year. 2021.
The bank has also successfully expanded its customer base for government electronic payments for businesses through its Business Payment Services (CPS). In the first half of 2021, the number of transactions increased 137% year-on-year to over EGP 10.7 billion.
CIB is not only committed to adopting the latest technologies but is also investing in the field, especially since the start of the COVID-19 pandemic. The bank’s traditional banking services have migrated to digital platforms. In addition, CIB has evolved its systems and internal operations by relying on robotics and the centralization of operations.
CIB has also made strong progress in the digital transformation plan defined in October 2021 to optimize the digital banking experience for customers and assert its leadership in providing the best banking services using the latest technological solutions. The bank has moved a number of services from its branches to digital platforms, which has reduced daily branch transactions and reduced the bank’s carbon footprint. Digital migration plays an important role in achieving sustainable goals and has a positive impact on the economic, social and environmental fronts. In addition, CIB ATMs now have a “go green” option giving customers the option of not printing a receipt after their transaction, reducing paper consumption.
“The bank’s strategy in the coming years is to aggressively expand its innovative digital solutions to support the bank-customer relationship and attract more customers to the banking industry,” said Mohammed Sultan, COO of CIB. “These efforts demonstrate the bank’s commitment to promote financial inclusion and integrate financial technology solutions into economic development.
“The banking sector is committed to driving change and promoting financial inclusion. It pays particular attention to economic development which takes into account community responsibility, which contributes to advancing sustainable development, ”he said.
Mohamed Farag, Deputy Managing Director of CIB, said: “It is the Bank’s responsibility to contribute to financial inclusion by encouraging citizens to benefit from banking services and raising awareness of their importance, as well as ensuring that safe and convenient digital products are provided. CIB has indeed contributed to the radical change in everyday banking operations and has succeeded in reaching a large number of people.
CIB recognizes the importance of financial technology (fintech) solutions and strengthens relationships with the most promising companies such as CVentures, a cross-border start-up venture capital firm that focuses primarily on investing in change-creating companies significant in the world of financial services.
CIB has partnered with AUC Venture Lab to support start-ups and entrepreneurs working on fintech solutions. He also directed his efforts to meet the needs of fintech start-ups with quick and agile solutions via the CIB Innovation Lab, the fintech and entrepreneurial hub of the Egyptian banking sector.
As part of CIB’s corporate social responsibility efforts, the Bank has deployed talking ATMs designed for visually impaired customers. They allow customers to do their banking independently and make their own financial decisions. ATMs are strategically placed in multiple locations to reach the greatest number of visually impaired customers.