Misr Iran Bank Eyes Launch of Money Transfer Service in 2014

Abdul Hamid Soliman, the current IT Director at Misr Iran Development Bank (MIDB) said the board of directors of the bank approved to provide money transfer via mobile phone service, pointing out that the bank will request the approval  of the Central bank of Egypt (CBE) within the next time to obtain in order to provide the service.

Soliman expected that the new service will be launched by 2014 , asserting that the service will work to boost the number of its customers , aiming to focus on the citizens who do not have any bank accounts, adding that the political and security conditions have prevented spreading the service among citizens.

He said it may apply the service in order to use it for the remittances, money transfer via mobile phone from Egyptians abroad, noting that the banks which operating in the banking sector will work to apply this service to keep up with the rapid developments in the sector.

He further asserted that the new service will reduce the expendable money of the CBE that cost huge amounts of money to get rid of them and printing money.