CBE sets up a new company for money transfer, EgyCash

The Central Bank of Egypt announced setting up EgyCash company for technological solutions of monetary dealing.

The company will offer services that are related to money transfer and feeding ATMs.

The CBE is contributing to the capital of the new company by 35 percent while other Egyptian banks including National Bank of Egypt, Banque Misr, and Banque Du Caire along with other institutions contribute the other part of the capital.

The company chairman Hani Omar said that the establishment of the company comes within the framework of a comprehensive development process that is carried out by the CBE.