Egypt's aiBANK collaborated with InstaPay

InstaPay, the groundbreaking instant payment network app, has welcomed aiBANK, a prominent provider of integrated retail, corporate, and Islamic banking solutions in Egypt, into its fold. This strategic collaboration enables aiBANK's clientele to enjoy seamless money transfers between bank accounts, as well as transfers to bank cards and digital wallets—all facilitated through their mobile phones. The InstaPay App holds the distinction of being the first mobile application authorized by the Central Bank of Egypt (CBE) as a payment service provider via IPN. This innovative app empowers individuals to conduct instantaneous and secure electronic transfers, aligning with Egypt's financial inclusion and digital intermediation objectives.

“Offering instant payment services is a strategic move that is part and parcel of our vision to enhance our digital footprint and customer experience,” said Iman Badr, Senior Director, Consumer & Business Banking at aiBANK. “Access to InstaPay App will offer our customers a new level of convenience and flexibility in managing their finances and making timely transactions. Our presence on the app also aligns with the bank’s commitment to contributing to the nationwide directives of promoting digital transformation and financial inclusion.”

Under the umbrella of aiBANK's retail division, the institution previously introduced a three-year EGP certificate of deposit (CD) with an impressive annual return of up to 18%. Additionally, a USD CD offering an annual return of up to 5.30% was made available. Recent enhancements include the introduction of cash deposit and withdrawal services through Fawry POS across Egypt. Complementing these offerings is the savings plus account, presenting a monthly return of up to 14%. In response to evolving customer needs, aiBANK has diversified its card portfolio to cater to different customer segments. These cards incorporate cutting-edge payment technology and are fortified with three-dimensional security systems, ensuring a secure online shopping experience. Notably, since May 2022, aiBANK has expanded its ATM network by an impressive 45%, boasting a current count of 80 machines.