EFG Holding’s aiBANK launches instant payments via InstaPay

EFG Holding’s aiBANK has launched Instant Payment Network (IPN) services through the InstaPay App, allowing customers to transfer money instantly between bank accounts, transfer to bank cards, and digital wallets using their mobile phones.

“Offering instant payment services is a strategic move that is part and parcel of our vision to enhance our digital footprint and customer experience, as we work to introduce simple, seamless, and speedy solutions,” said Iman Badr, senior director, Consumer & Business Banking at aiBANK.

The bank said access to InstaPay App will offer 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. Moreover, we are committed to helping clients realise their goals through convenient, distinctive, and quality solutions with the fastest turnaround time,” said Badr.

InstaPay App, the first mobile application licensed by the Central Bank of Egypt as a payment service provider via IPN, allows individuals to make instant and secure electronic transfers using their mobile phones as part of Egypt’s financial inclusion and digital intermediation strategy.

Earlier, under aiBANK’s retail arm, the bank issued a three-year EGP certificate of deposit with an up to 18 per cent annual return and a USD CD with an annual return of up to 5.30 per cent. The bank recently launched cash deposit and withdrawal services from bank accounts through Fawry POS across Egypt, in addition to a savings plus account with a monthly return of up to 14 per cent.

Furthermore, the bank offers various types of cards, catering to different customer segments, supported by the latest technology in payment operations, and equipped with three-dimensional security systems for safe online shopping.

Since May 2022, aiBANK has seen its ATM network grow by 45 per cent, currently standing at 80 machines.

aiBANK’s growth strategy  

Meanwhile, aiBANK reported an annual net profit of $17m (EGP525.6m) in 2022, driven by net interest income which surged by 61 per cent to EGP 1.79m compared to EGP1.11m in the previous year.

The bank attributed the growth to its acquisition by EFG Holding and the Sovereign Fund of Egypt as well as the change in its legal structure to become an Egyptian joint stock institution.

The Egyptian lender achieved remarkable growth in net returns and commissions, reflecting the development of its primary business activities. The bank noted that this remarkable growth was complemented by a 71 per cent increase in net operating profits compared to the same period last year.

aiBANK said its outstanding performance entailed an increase of 84 per cent in the portfolio of loans and credit facilities before deducting provisions over the same period the previous year.

Meanwhile, customer deposits increased by 24 per cent to EGP48.2bn from EGP38.7bn recorded at the end of December 2021. Its assets edged up by 22 per cent to EGP55.4bn compared to EGP45.5bn a year earlier.

Read: Cover story: Shining the spotlight on EFG Holding’s rebranding and growth journey