CIB in Talk with Vodafone, Etisalat Egypt to Provide ACH Services

An official source in Commercial International Bank (CIB) said his bank is currently negotiating with Vodafone Egypt and Etisalat Egypt in order to provide Automated Clearing House (ACH) service which is considered as one of its principle program for direct debit.

The source informed Amwal Al Ghad that CIB is seeking to make agreement with Etisalat Egypt and Misr Life Insurance so as to apply the same service.

He explained that CIB is currently focusing on telecommunication and insurance companies, in addition retail firms which related to the monthly premiums, aiming to negotiate with 5-6 additional firms within the next period.

The new service will allow for the customer to negotiate with the bank especially with accounts and deposits in favor of any other companies.

He further explained that the total numbers of transactions are 270K at the end of November 2013, asserting that the ratio of service has recently increased in the Egyptian market.