MIDBANK joins the Instant Payment Network (IPN)

MIDBANK joins the Instant Payment Network (IPN)

3 September 2023

MIDBANK joins the Instant Payment Network (IPN)

MIDBANK announced that it has joined the Instant Payment Network (IPN) in order to enable immediate money transfers between banks. Customers of MIDBANK will be able to conduct financial transactions and cash transfers via the InstaPay application, including instant local transfers from their bank accounts or Meeza prepaid cards to any account. In addition to paying MIDBANK credit card dues, making donations, and checking all of the customer's accounts, you can transfer money to any Egyptian electronic wallet using your mobile phone number from the accounts of the banks taking part in the real-time payments network.

In this regard, Eng. Sameh Montaser, Chairman Consultant for Digital Transformation and Restructuring at MID Bank, reaffirmed that this action supported the realization of the bank's strategy in the Egyptian banking industry, which comes with the title "Empowering Your Future." The new service intends to empower bank customers while fostering a culture of digital banking. Under the auspices of the Central Bank of Egypt, to take advantage of digital banking services in line with the state's trend toward digital transformation, and to realize the comprehensive vision of the national payment systems, ensuring the independence of payments within Egypt and advancing the objectives of the National Payments Council (NPC) in moving toward a cashless society.

Omnia Shaheen, Head of the Retail Banking Sector at MIDBANK, also expressed her joy and pride in this significant step that satisfies customers' shifting and evolving daily needs and priorities, matches their aspirations through adaptable electronic and digital payment products and solutions, and helps to facilitate electronic financial transactions in a safe, efficient, and instantaneous manner that operates 24 hours a day. Very conveniently through the InstaPay application, which advances the degree of effectiveness and efficiency of the infrastructure for payment systems and services in the banking industry and aids in the transition to a society less dependent on banknotes.

It is worth noting that MIDBANK's new strategy aims to keep up with contemporary banking systems, enhance the portfolio of services and products to keep up with technological and digital development, draw in more clients, and support the growth of the economy. MIDBANK competes on the quality and flexibility of its services in a way that creates a comparative advantage that appeals to all segments and categories.