CIB inaugurates electronic Corporate Payment System

Sara Abou Bakr
3 Min Read

The Commercial International Bank (CIB) has inaugurated the first centre to pay custom fees and sales taxes electronically in the “Goods village” at Cairo international airport with a system called corporate payment system (CPS). It is planned to serve businessmen and large sized companies, said the head of customs authority Mohamed El-Salhawy.

Businessmen and large sized companies who import shipments via the airport can have taxes and fees deducted from their bank accounts, along with delivery fees and fees for export-imports control authority services.

“This opening may put Cairo up there in the rankings for the largest international airports for electronic services offered to businessmen and travellers, as this system is on par with other systems internationally,” said El-Salhawy.

El-Salhawy added that this system would provide prompt release of messages coming from outside the country, along with providing extra security for financial transactions.

The Customs Authority is keen to use the electronic systems to facilitate and develop relations with customs entry points according to El-Salhawy, in order to expedite the release of imports to benefit commerce and industry. It is also hoped the system will reduce international trade costs.

The managing director of the CIB Mohamed El-Tokhy said the bank will work to activate the CPS with coordination with the e-finance company which operates the government electronic payment and collection Centre.

He added that the inauguration of this centre  shows the bank’s willingness to support the government’s use of electronic transactions, as it can save money and minimise the theft or loss of funds during a transaction.

“CPS will enable clients to make payments from anywhere and at anytime, which means  that they won’t be forced to go to the bank during business hours,” Ibrahim Sarhan head of e-Finance Company said.

“Each client will know the fees and taxes he supposed to pay, consequently he will give the bank  an order to subtract this money from his bank account,” said Sarhan.

Sarhan added that each bank will provide their clients the service through its own channels. In the future CPS will also cover insurance payments.

“The door is opened for other banks to join to offer the CPS,” said Sarhan.

He added that those accounts will be considered central accounts, facilitating access from anywhere in the country.

“CPS depends on an electronic network that connects customs in ports across Egypt with the Government Electronic Payment and Collection Centre, and with more than 1480 bank branches relating to 26 commercial banks in Egypt. Each time clients use CPS they will receive a bank certificate that ensures it,” Sarhan said.

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Politics editor at Daily News Egypt Twitter: @sara_ab5
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