Egyptian Banks Company Says to Launch CCH for Foreign Currency Next Month

Egyptian Banks Company (EBC) is considering the establishment of the Cheques Clearing House (CCH) System for the cheques dominated in foreign currency before the end of the current year, Amwal Al Ghad quoted EBC’s Managing Director as saying on Tuesday.

On the sidelines of a symposium held by the Egyptian Credit & Risk Association (ECRA), Mr. Mohamed Bayoumi – the Managing Director at EBC – stated that his firm is seeking to introduce more up-to-date technological applications for the e-payment systems.

Egyptian Banks Company (EBC) was established in 1995 with the approval of the Central Bank of Egypt and the Ministry of Finance (MOF).

EBC is a bank-owned organization, established to provide a shared facility and to connect all banks providing services in Egypt. Thus, its strategy and role are dictated by the banking sector requirements to serve the ultimate beneficially, mass retail clients.EBC introduced the National Debit Card Brand (123) in 1997, to be accepted throughout the national ATM and Points of Sale networks.

EBC also succeeded to expand its acceptance regionally to Qatar, Bahrain and Sudan networks. EBC continues to innovate as it has assumed the role of the national Automated Clearing House (ACH), as part of the Central Bank of Egypt reforming policy, to introduce new electronic payment instrument for regular paper payments such as: utility bill, loan installments, payroll, pensions, taxes,… etc. using direct debit and credit transactions.