Egypt’s Telecom Regulatory Offers Money Transfer Via Mobile This June

The National Telecommunication Regulatory Authority (NTRA) has announced its offering to money transfer service via mobile phone in the beginning of the current month, explaining that there are maximum limits for both monthly and weekly transferring.

Dr. Amr Badawi, CEO of (NTRA), said there are several regulations for the amount which will transfer, as the maximum of the monthly transferring reached EGP 5.000, and EGP 3.000 for the daily transferring.

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.

Badawi further has pointed out that the conditions of the Central Bank of Egypt (CBE) should include e-money stored on electronic devices and it will be accepted as a push way by the people or other parties, in addition it must be able to exchange with the Egyptian pound.