QNB AlAHLI, one of the largest private sector bank in Egypt and one of the subsidiaries of the QNB Group, the biggest financial institution in the Middle East and Africa, in cooperation with the Egyptian Banks Company launched the instant payments service under the supervision of the Central Bank of Egypt, in line with its directives to support the Digital transformation system to meet customers' needs and achieve their banking aspirations.
The launch of this service comes within the framework of the bank’s strategy to enhance its share in the Egyptian banking market and its quest to always be the first choice for customers so the bank launched a number of services for its individual clients that achieved remarkable and tangible results in the high rates of financial inclusion and digital transformation Which contributed to achieving a growth rate in activating online banking services and mobile banking that exceeded 50% , a growth rate of active customers on electronic services that exceeds 66%, and a growth rate of external transfers through online banking services and mobile banking that exceeds 140%.
This service allows customers to complete financial transfers between their accounts or to other accounts in banks participating in the service instantly, 24 hours a day, seven days a week, using the application of the Egyptian banks company INSTAPAY, or through the electronic channels of QNB ALAHLI "Internet banking / mobile banking".
This service also allows transferring funds to electronic wallets and advantage cards by direct debiting from the customer's account, with the ease of inquiring about the balance through a short account statement issued by the participating banks directly to the customer after each transaction.
The instant payments service aims to reduce cash transactions and relieve pressure on branches, while promoting a culture of using digital technology in financial transactions.