EFG Holding’s aiBANK, Visa partner to advance digital payments

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EFG Holding’s aiBANK has signed a long-term partnership agreement with global payments firm Visa to provide customers with a new integrated package of digital payment solutions.

The partnership seeks to provide customers with a comprehensive range of innovative products and services tailored to modern digital payment preferences.

“This collaboration broadens our e-payment offering, aligning with aiBANK’s goals to promote financial inclusion and digital innovation in the Egyptian banking sector. Our intention is to expand our market presence in Egypt by introducing innovative banking products catering to various customer segments,” said Sherif Nada, chief of Retail, Branches Network at aiBANK.

It also signifies aiBANK’s commitment to promoting financial inclusivity and accelerating the adoption of digital transactions in line with the vision of the Central Bank of Egypt (CBE).

“The foundation of our initiatives is centred on nurturing strategic and impactful partnerships, fueling our robust research and development efforts to provide innovative, safer, and more exclusive products to empower customers and provide them with comfort,” added Mohamed Abdel Monsef, head of Retail Banking Product Development at aiBANK.

aiBANK and Visa aim to encourage customers to embrace electronic payment solutions across all segments by offering cutting-edge solutions aligned with the latest digital payment trends.

“Visa is committed to supporting aiBANK through providing innovative and reliable solutions and exceptional benefits that facilitate a seamless transition for customers, making digital payments an intuitive and preferred choice,” said Malak Al-Baba, Visa Egypt’s Country Manager.

aiBANK’s payment solutions

The pact follows aiBANK’s partnership with InstaPay earlier this year, which empowered customers to instantly transfer money between bank accounts, cards, and digital wallets using their mobile phones.

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.

InstaPay App, the first mobile application licensed by CBE 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.

Read: EFG Holding’s Q2 2023 revenue jumps to EGP3.1bn