C.Bank Mulls New Applications for Mobile Payment Service

Big 5

It seems that Money Transfer Via Mobile Phone did not achieve the expected results since it applied in 2013 and until April 2014 as the service witnessed low demand from the customers of the banks including the National Bank of Egypt (NBE), Housing & Development Bank (HDB) and BNP Paribas.

Numbers of subscribers in NBE’s Phone Cash service reached 22.000 at the end of last March, despite the bank aims to make its subscribers up 100.000 at the end of last year. Head of retail banking and branches for NBE, Hazem Hegazy illustrated.

While the clients of NBE are 4 million among more than 10 million clients by almost 40%, 3.5 million clients in retail banking sector.

Money Transfer service has launched on April 2014 in the light of hard situation in the economic, political and security fields and these hinder the implementation of the banks’ schemes, Hegazy explained.

An official source in the Central Bank stated that it is considering suggesting one of the banks which applied to Money Transfer service to inch the size of mobile portfolio to 10.000 instead of 5.000 within the ongoing phase.

CBE’s terms stated that the maximum of monthly transfer up EGP5.000 and 3.000 for the daily transfer and it is schedule that the transfer value not more than EGP1000.

The Central Bank agreed to grant Audi bank the fourth licence of Money Transfer service, adding that Banque Misr is planning obtaining the licence but it did not request it officially till now.

Hisham Alayli , NTRA’s CEO told that the numbers of money transfer service reached around 500.000 in one year from its application in April 2013, the subscribers distributed between firms, mobile phone and banks.

Furthermore, in exclusive statements Alayli noted that he cooperates with CBE to increase the maximum daily transfers via mobile more than EGP3.000.

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