Egypt Says Ready To Launch Money Transfer Via Mobile Phone Service

Dr. Amr Badawi, CEO of National Telecommunication Regulatory Authority (NTRA), has asserted that it is expected for money transfer via mobile phone services to start in Egypt, referring that the MENA region is not considering the launch of such a service on the meantime.

Badawi added that the main target for launching the service is give opportunity for the impoverished classes that do not own bank accounts to transfer money faster and easier, asserting that the security agencies will work to control transfers in order to face money laundering which based on money transfer via mobile phone.

Badawi has emphasized that the Central Bank of Egypt (CBE) ‘s instructions allows the transferring service with EGP 5000 monthly ,EGP 3000 daily and EGP 1000 for per transferring.

Badawi has confirmed that the regulations set by (CBE) contribute for the reduction of any suspicious regarding the service.

Moreover, Badawi has emphasized that it is scheduled for the transferring value not to exceed more than EGP 1000 per time, asserting that the service will be provided by National Bank of Egypt (NBE) , Banque Misr, Housing and Construction Bank,HSBC as well as Bank BNP Paribas Bank and the local mobile operators; Vodafone Egypt, the Egyptian Company for Mobile Services (Mobinil) and Etisalat.