The Commercial International Bank-Egypt (CIB), the leading Egyptian private bank and the world’s best bank in the emerging markets, announced the pioneer and innovative collaboration model with Careem-Egypt for the first time in the local and regional markets. 

The new partnership provides Careem-Egypt with an integrated set of digital financial solutions to efficiently manage the incentives and payments disbursement to company captains via CIB Smart Wallet. Careem staff can also deposit and withdraw cash conveniently from the Bank’s large network of ATMs and local authorized agents. Moreover, the new partnership support the company’s management of all cash flows and e-payments to inpiduals, suppliers and governmental entities.

“Through our significant partnerships, with Careem-Egypt, we have been successfully able to expand our banking penetration to the under-banked citizens, granting them access to various banking services by using their mobile phones, especially in a society whose majority carry mobile phones and cash intensive,” said Mr. Mohamed Farag, CIB Chief Digital Officer and Head of Global Transaction Services. 

Careem-Egypt is the ultimate partner to work with to move towards a cashless society, by introducing more innovative digital payment solutions, integrating technology with financial products in order to cater to the under-banked citizens and accelerate the financial inclusion in the society. In addition to embedding CIB Smart Wallet in the customers’ daily routine making it part of their lifestyle.

“At Careem-Egypt, our mission is to simplify people’s lives and we continually pursue innovating ways to achieve this goal. Our partnership with CIB-Egypt demonstrates our commitment to optimize the best customer experience, by sharply focusing on client satisfaction,” said Ramy Kato, Careem Egypt Managing Director. 

In just five years since its inception in 2012, Careem-Egypt has proven endless commitment to driving local innovations to turn the region’s most pressing challenges into opportunities. It has successfully become recognized as a main contributor to economic growth and a local job facilitator in the countries in which it operates. Thus, Careem-Egypt’s fleet of cars cater to the growing needs of customers by professionally handling transportation crisis in Egypt’s heavy towns through the launch of new services, and the development of superior loyalty programs for its drivers.

CIB-Egypt maintains its leadership in the digital payments’ area, and mobile banking in general, by investing heavily in its digital platforms and IT infrastructure, adopting latest technologies and offering best-in-class services and products. To this end, CIB-Egypt has been persifying its digital banking offering, which includes but not limited to, the Internet Banking, Mobile Banking application, a wide network of more than 800 ATMs distributed across the country, allowing more convenient bill payments, donations, and so forth. Such services do not only empower customers to easily perform their daily transactions and payments, but they also support the financial inclusion in the society by catering to different needs of customers, including the unbanked citizens, and the move towards a cashless society. In this regard, CIB-Egypt is looking forward to offering more digital services in collaboration with Careem-Egypt.

About Careem:

Careem is the region’s leading ride-hailing service that provides reliable, safe and affordable transportation choices via a mobile app, on the web and through a call center. Careem is a pioneer in the region’s ‘sharing economy’ – its mission is to make people’s lives simpler, create millions of jobs, and to BeCareem – to be kind, generous, and inspiring as we move the region towards better living. Established in July 2012, Careem operates in more than 80 cities across 13 countries in the broader Middle East, North Africa, Turkey and Pakistan.

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