Mobinil & BNP Paribas Cooperate To Launch ‘Money Transfer’ Service

The Egyptian Company for Mobile Services (Mobinil)-(EMOB.CA), is planning to offer money transfer via mobile phone service in cooperation with BNP Paribas bank before the end of the current month.

Mr.Ashraf Halim, VP Commercial at Mobinil, said Mobinil is preparing the technological infrastructure and the final preparations before launching the service, pointing out that it will launch the service with BNP Paribas and studying now the cooperation with other banks for providing the service.

The National Telecommunication Regulatory Authority (NTRA) has announced its offering the service from this June, explaining that there are maximum limits for both monthly and weekly transferring.

NTRA has asserted that there many regulations for the amount which will be transferred, Final changes made to cash transfer laws stipulated that the daily cash withdrawal limit should be lowered from EGP 5,000 to EGP 3,000 for the app.

The service provides fast and innovative ways to transfer money by increasing the branches of the company, An official within the Central Bank stated that so far no amendments had been made to laws passed by the Bank regarding the transfer of cash via mobile phones. Such laws were set, he said, adding that the app service would not apply to companies and banks seeking to transfer monies stipulated through contracts.

Mobinil subscribers have witnessed an increasing by the end of April with 142.000 subscribers to make the total subscribers reached 33 million so it ranked second in the mobile phone market with 35% market share.

Emirates National Bank of Dubai (NBD) has seized the shares of BNP Paribas in a deal worth about $ 500 million, after obtaining all the necessary approvals by the Central Bank, General Authority for Investment and Free Zones (GAFI) with the largest share 95.2%.