The Arab Investment Bank (AIBK) signed a partnership with Fawry electronic payment company to provide electronic payment services for all the bank’s digital banking channels.
The contract was signed by Seif El-Nasr, AIBK chairperson and managing director, and Ashraf Sabri, CEO of Fawry, with the participation of Hisham Abdel Aal, AIBK assistant managing director, and Haitham Hammad, AIBK senior general manager and manager of retail banking.
According to Seif El-Nasr, the cooperation between the two parties will be in three stages. First, Fawry will launch an electronic portfolio for the AIBK to help its current and future customers.
The new service is designed to make it easier for customers to make electronic payments, donate, renew car licenses, book bus seats, transfer money, and many other services.
The second stage is the launch of payment services through digital banking channels, such as ATMs and internet banking.
According to Seif El-Nasr, the partnership between the AIBK and Fawry will enable existing and prospective customers to benefit from all electronic payment services through the bank’s ATM network, which is currently being developed.
These services will be available on the bank’s website, which will offer e-banking soon.
The third stage is the launch of e-payment services for credit card holders and personal loans through Fawry.
Seif El-Nasr said that the new service will enable bank customers to make credit cards and personal loan payments easily through Fawry.
AIBK customers will also be able to pay their credit card and personal loan installments through more than 20,000 outlets affiliated with Fawry across the country.
Seif El-Nasr said that the cooperation with Fawry is the beginning of the digital banking services. It is also an implementation of the strategic plan launched by the bank to achieve financial inclusion.
For his part, Ashraf Sabri said that the aim of his company’s partnership with the AIBK is to provide all new and innovative products from Fawry to improve the bank’s services and expand its customers base.