Vodafone Egypt has launched today mobile phone cash transfer application in cooperation with Housing and Development (BDH) Bank after obtaining the approval of the National Telecommunication Regulatory Authority (NTRA) allowing individual account users to use the same network both in and outside of Egypt.
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.
Eng. Hatem Dowidar, CEO of Vodafone Egypt, said the launching of the service with (BDH) will put Vodafone among the top companies to transfer money via mobile phone in the local market.
Mr. Fathy El Sibai, Chairman and Managing Director of (BDH), has asserted that providing services include all the substantive and technical support to Vodafone and its customers explaining that the Partnership with Vodafone based on human experiences of the bank.
NTRA has announced for offering the service in the beginning of the current month, explaining that there are maximum limits for monthly and weekly transferring.
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5,000 to EGP 3,000 for the app, in addition to lowering the maximum balance allowed for accounts from which money was withdrawn from EGP 20,000 to EGP 5,000.
This last move was made in an attempt to decrease the risks involved in using the service, in addition to allowing time for the company to test the product to ensure its security and future success.