Banque Du Caire targets $14.6-million technology upgrade

Egypt’s third biggest public lender, Banque Du Caire is planning to spend more than 130 million Egyptian pounds ($14.6 million) to upgrade its information technology systems.

Khaled Hamada, Chief Information Officer at Banque du Caire, told Amwal Al Ghad on Sunday that the bank upgrades between 15 and 20 percent of its technology infrastructure every year.

Banque Du Caire will provide soon the biggest five technological firms in the country with the specifications it needs to modernise its information systems, Hamada added.

He further said Banque Du Caire seeks to launch within three months a number of new technology banking products including money transfer via mobile services in cooperation with MasterCard and Fawry, after the central bank gives licence.