Fawry, Egypt’s leading nationwide Electronic Bill Presentment and Payment (EBPP), signed two contracts with two local banks; AlexBank and Audi Bank, aiming to offer payment and collection services through mobile phone.
CEO of Fawry Ashraf Sabry said the cooperation with the two banks comes within the framework of the company’s plan to offer mobile payment services for more banks, noting that Fawry has previously contracted with National Bank of Egypt (NBE) to provide this service.
The Regulatory rules issued by the central bank of Egypt (CBE) for mobile payment service stated that the necessary to get statement from CBE in case of conducting any amendments whether on the additional or the ongoing services.
The maximum transfer of funds reached EGP1000 in the first process and EGP3000 per day and EGP5000 a month.
In a statements to Amwal Al Ghad, Sabry said Fawry provides Mobile Wallet service in cooperation with the three mobile phone operators.
The number of users of money transfer via mobile phone are around 500 thousand users according to National Telecommunication Regulatory Authority (NTRA).