Egypt Post-Italy Agreement On Remittance License

Egypt Post will be reaching an agreement with the Italian government on licensing the remittances from Egyptians living abroad through post offices on the basis of not defining maximum amounts.

Mosaad Abdel Ghany, Egypt Post chairman, said that under the agreement, the remittance fees shall not exceed 5 euros of which the Egypt Post would get 50% and the Italian government would get the other 50%. Abdel Ghany noted that Egypt will have another agreement with France and Germany by the second phase due to the increased number of Egyptians.

“Egypt Post will carry out a project in cooperation with some foreign countries so as to provide credit cards for the tourists in Egypt whereby they could obtain the required amounts from the Egypt Post’s ATMs.” Abdel Ghany told Amwal Al Ghad.

“Those amounts foreign banks, with which we will have the agreement, shall reimburse the Egypt Post.”

Furthermore,  Abdel Ghany said the Egypt Post’s deposits reached EGP 100 billion that will be invested with caution in a number of projects that achieve fixed returns. “There are about EGP 75 billion in the National Investment Bank; the Egypt Post obtain returns amount to 9.55%.”

He added that 1600 Egypt Post offices out of 3888 have been linked in one single network.

About ATMs, he said the Egypt Post has completed setting up the pensioners’ ATMs in its affiliated offices in Port Said governorate. “Egypt Post aims within this fiscal year at completing Suez’s ATM pension. However, we are facing some difficulties in introducing pensioners to the ATM technology. Hence, we are seeking now to provide  the pensions in cash.