Cairo, Egypt – Commercial International Bank (CIB), Egypt’s leading private sector bank, has upgraded its banking system technology infrastructure to the latest version used in top international banks.
“This upgrade is an integral part of the Bank's digital transformation strategy. The Bank is always keen to provide its clients with state-of-the-art banking services, keeping up to date with the latest global technologies,” said Hussein Abaza, CEO and Managing Director of the Commercial International Bank. “However, during the upgrade, the system initially encountered technical problems regarding response speed, adversely affecting some e-channels and resulting in technical failures in some branches and transactions. We apologize to our valued customers for any inconvenience caused by the technical glitch and appreciate their understanding, continued support and loyalty to CIB,” he added.
CIB has confirmed today that its banking systems are functioning normally and efficiently. Those affected by the technical difficulties caused by the upgrade were only a small percentage of the Bank’s two million clients and the issues were limited to the credit card systems and ATMs. Client balances and accounts were completely secure and did not experience any disruption during the upgrade, and all technical issues related to system response speed and difficulties encountered by clients have been resolved entirely. It is not unusual to face system disruption in banking systems during electronic upgrades as many banks across the world have encountered similar experiences. Led by the Central Bank of Egypt, the Egyptian banking sector is more than capable of overcoming any challenges that may arise.
“CIB constantly seeks to adopt the latest global technologies to provide the best possible services to its clients,” Abaza said. “The technical disruptions the Bank faced during the upgrade were part of the inevitable challenges of digital transformation. We are committed to enhancing the quality of services offered to clients, including innovations designed to meet their diverse needs. The integrity of Egypt’s banking sector and its flexible policies are what enable us to embrace economic opportunities and face various challenges,” he stated.
CIB, Egypt’s largest private sector bank and the leading contributor to the Egyptian Stock Exchange, has not previously experienced any problems before with its client transactions.