Fawry-Egypt Inks Pact with 2 Banks to Recharge Mobile Wallet by April

Fawry Electronic Bill Service is targeting to ink pact with two banks to facilitate recharging Mobile Wallet portfolio for the customers within the next April.

Eng. Ashraf Sabry, CEO of Fawry said his firms will sign with 2 banks contract regarding recharging Mobile Wallet, rejecting to unveil the banks’ names until the measures of contracts have done.

Fawry is currently providing the service to 3 mobile operators concerning facilitating the money transferred or transferring the money through Fawry’s payment points, noting that Fawry contracted with the National Bank of Egypt to provide the service via its points which reached 42.000.

The regulations which put by the Central Bank of Egypt which related to ‘Money Transfer Via Mobile Phone’  service revealed that the bank’s role is to keep on Monetary deposits for the operations of issuing e-money units and to make sure that these operations will combat money laundering and terrorist financing issued by the central bank.

The regulations also added that e-monetary confined to the banks under the control of the central bank and after obtaining its approval, as the maximum of monetary will not exceed 5% from the paid up capital or EGP50 million.

Fawry began work paid up capital of EGP $ 77 million 75% of which is owned by institutions and Egyptian banks such as Amlak Finance and the Bank of Alexandria ,the Development Fund for Information Technology ,Arab African International Bank ,Raya Holding and HSBC and the rate cash reached  EGP 87 million beginning of 2012.

The company launched in December 2009 with the approval of the Central Bank of Egypt (CBE), Fawry makes the Egyptian to receive their bills in comfortable way and paying securely through more than 25.000 payment point, Fawry is available in banks such as banks’ branches, Automated Teller Machine (ATM), Electronic Banking, the retailers which are bearing clear markers as well as post offices.