Egypt’s FIB adopts iGCB to enhance its digital banking services

Faisal Islamic Bank of Egypt said on Wednesday has selected Intellect Global Consumer Banking (iGCB), to power its digital banking services, as it set to deploy iGCB’s cloud-native CBX Retail (CBX-R) solution in order to expand its offerings.

CBX-R platform will enable the bank to offer credit solutions such as buy now, pay later (BNPL) and connect with third-party fintechs via APIs to offer curated experiences to its clients.

This came with Egypt’s keenness in digital banking adoption among consumers thanks to the government’s heightened focus on digital financial inclusion, rising internet penetration and the emergence of a number of fintech players in the region.

“The firm wanted to invest in a solution that is easy to deploy, manage, and evolves with changing market dynamics,” Abdelhamid Aboumoussa, governor of Faisal Islamic Bank of Egypt, said.