Downtown Africa
Commercial International Bank Egypt (CIB), Egypt’s leading private sector bank, recently announced exponential growth in its digital banking service for H1 2021, highlighting the success of their long-term digital transformation strategy adopted in 2012.
During the period H1 2021, CIB achieved a 116% increase in the number of Mobile Banking transactions and a 34% increase in Online Banking users. CIB Smart Wallet transactions value reached EGP 2.7 billion. Corporate Internet Banking transactions also witnessed significant growth, with transactions increasing by 124% compared with the same period last year.
Fintan Byrne, CEO of CR2 commented, “CIB is a long-standing Digital Banking customer of CR2. We are proud of the success they have achieved today. Their digital adoption rates underpin how they have optimized the overall digital banking customer experience. They continue to be a leading example of digital transformation success in the region and we look forward to supporting Egypt’s leading private bank on their exciting digital transformation journey.”
CR2’s Regional Manager, Sherif Soliman said, “I am so pleased to see these outstanding results reported by CIB. Delivering this level of transformation requires commitment, effort and collaboration across the CIB organization. They have demonstrated true commitment to their customers, re-inventing the customer journey and providing safe and convenient banking service to all customers. CIB’s adoption of the latest technologies has enabled the bank to redefine their operating model and migrate routing services from the branch to digital platforms. Their performance reported today further strengthens their leading position in the market.”
The bank’s market position is enviable. CIB has consistently been recognized as the most profitable bank operating in Egypt and the bank of choice for over 500 of Egypt’s largest corporations. CIB was named the World’s Best Bank in Emerging Markets by Global Finance in 2018 and 2020, and it was awarded the same title by Euromoney in 2017.
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