FEB Says Weak Profitability, High-Costs Postpone Circulating POS Product

Abdel Hamid Soliman, President of the Technology Committee of the Federation of Egyptian banks (FEB) revealed that Point of Sale (POS) which FEB is negotiating to apply it during the last period will be postponed, pointing out that many banks did not apply it and  this led to the postponement to circulate for all banks.

Soliman added that the high-costs and weak profitability are the main two reasons for reducing spreading of POS as 6 banks only applied the product including the National Bank of Egypt(NBE), Banque Misr, Bank of Alexandria, National Societe Generale Bank (NSGB) ,Arab African International Bank(AAIB) and Commercial International Bank(CIB).

It is schedule to use POS in the commercial shops in order to pass the banking license by one unified card instead of specific card for each bank.

FEB has negotiated in the earlier of 2013 with the global companies which operating in IT so as to launch POS product in the banks operating in the Egyptian market, such as Mediterranean Smart Cards Company (MSCC) and the Egyptian Engineering Systems (SEE) which has global power for launching and selling ATM  in contract with the banks, in addition ACTs which  specializing in providing technical support, consulting and training.