Communications Ministry to Launch Money Transfer Services Via Mobiles Next December

The Ministry of Communications and Information Technology considers allowing mobile operators to provide a service for money transfer next December after coordinating with a number of agencies.

Sources reported to Amwal Al Ghad that the pilot launch of this service will start in Cairo in order to test companies’ capabilities and avoid any technical or security-related mistakes before the service prevails the whole Republic.

He pointed out that the Board of Directors of the National Telecommunications Regulatory Authority (NTRA) currently considers the executive steps for launching this service, especially the file of securing the directions of these transfers in order to avoid any irregularities.

He noted that mobile operators have sent letters to NTRA to set a deadline for launching the service.On the other side, NTRA confirmed that specialized committees are currently studying the service and that companies will be notified of the new date, which is scheduled to be at the end of this year.

Source affirmed that the Central Bank will follow strict security standards to make sure that these operations are carried out according to the procedures of combating money laundering and terrorist financing. Whereupon, banks and mobile operators will be obliged to specify the identity of both users and service providers.

On the other hand, mobile operators have recently taken practical steps to activate this service. For example, Vodafone Egypt has signed a contract with the Housing and Development Bank to activate the service on its network, and Mobinil did the same with (B.N.B Bariba).