Banque Misr Sees Mobile Payment Launch within Q1 of FY2014/15

Banque Misr is expected to launch the mobile payment and internet services within the first quarter of the fiscal year of 2014/15, said head of retail banking division Yehia El Agamy.

He added that Banque Misr is still in talks with the country’s Central Bank (CBE) over obtaining the licence to provide its clients with the mobile money transfer and internet services.

On the sidelines of Fawry’s first financial inclusion conference held on Tuesday, El Agamy said Banque Misr seeks CBE’s approval so as to launch the mobile payment and internet services, with the aim of attracting more segments of clients.

BM’s portfolio of customers’ loans is expected to reach EGP 1 billion by the end of June-2014, he added. The bank is planning to increase its portfolio by EGP 3 billion to eventually record EGP 9 billion by the end of FY2014/15.