(DNE Photo)
The Arab African International Bank (AAIB) expanded their ATM network in Egypt last week allowing customers to easily withdraw money or use “Fawry” bill payment service, the bank announced.
The action, which came under AAIB’s customer delight initiative, has brought the bank’s total number of ATMs to 286 across Egypt.
Fawry is a payment service available through banks, post offices and retail stores allowing users to electronically pay their bills. The value of annual financial transactions that take place through Fawry is currently placed at about EGP 4bn ($571m).
CEO Ashraf Sabry said that Fawry currently processes more than one million payments daily. The company’s machines are available in approximately 35,000 retail outlets and also at 4,200 ATMs, 1,300 post offices, and 15 banks.
AAIB’s market share for the credit cards in Egypt has reached 2% in 2014, with around 25,000 clients, head of retail banking at AAIB Himanshu Shrimali told Daily News Egypt in a June interview. Shrimali added that his bank launched the Titanium MasterCards in 2014 to add new features to their service such as cash back and balance transfer, aiming to be a powerful card in the market.
