CIB seeks to attract Vodafone, Etisalat to Automated Clearing House service

The Commercial International Bank-Egypt (CIB) will activate an agreement with Vodafone-Egypt and Etisalat-Egypt to include them in its Automated Clearing House (ACH) service in the upcoming period, according to a CIB official.

According to the source, CIB has conducted 650,000 transactions through the ACH-Debit service within the first six months of 2015, with the number of ACH-Credit transactions reaching about 145,000 during the same period.

CIB conducted approximately 1.3m ACH-Debit transactions during 2014, while the total ACH-Credit transactions reached about 80,000 during the same period.

The source added that only four ACH-Debit clients are companies that work in the fields of automotives and telecommunications, while there are 96 ACH-Credit clients in total.