Fawry Negotiating with 7 Banks to Provide Re-Charging E-Wallet Portfolio

Fawry Electronic Bill Service is negotiating with seven banks operating in the local market in order to provide re-charging electronic wallet for the banks’ customers.

CEO and Founder of Fawry Ashraf Sabry asserted that the company will cooperate with seven banks in order to start providing the service by 2014, asserting that the new banks did not include the three coordinator banks with the mobile phone operators such as National bank of Egypt (NBE), BNP Paribas and Housing and Development Bank (HDB).

Sabry has informed Amwal Al Ghad that the banks which Fawry is making negotiations with them are aiming to obtain the approval of the Central Bank of Egypt (CBE) in order to launch its services as soon as possible, rejecting to disclose the banks’ names, until Fawry will obtain CBE’s license.

The regulations which have been put by CBE regarding ‘mobile transfer via mobile phone’ service revealed that the role of banks is to keep deposits cash on operations for the issuance of electronic money and ensure agreement these processes with controls to combat money laundering and financing of terrorism issued by the CBE.