CBE Orders Reactivation of Vodafone Cash at Egypt Banks

The Central Bank of Egypt (CBE) approved reactivating Vodafone Cash service starting from tomorrow as it was stopped due to the new product  ‘Gamaya’ which has launched by Vodafone Egypt without getting a license from CBE,  Fathi El Sebaey, Chairman of Housing and Development Bank’s (HDB) said.

Speaking to Amwal Al Ghad Arabic’s Website, El Sebaey noted that CBE decided to stop ‘Gamaya’ until it will be studied and applied to CBE’s terms for launching money transfer via mobile phone service.

The number of Vodafone Cash’s customers reaches 300.000.

An official source in CBE said the bank rejected the new service which launched by Vodafone as Housing and development bank (HDB) did not obtain a license for this service.