EGYPT – The Central Bank of Egypt (CBE) has launched EgyCash, a new company which will provide services related to cash circulation, money transfer and ATM feeding across the country.
CBE will contribute to the capital of the new company with a share of up to 35%, while banks, such as the National Bank of Egypt (NBE), Banque Misr, Banque du Caire and others will own the remaining share.
This will formalize the relations between the CBE and the other commercial banks which will own part of the shares of the new entity.
During the signing of the contract with CBE, EgyCash Chairman Hany Omar said the establishment of the company comes within the framework of the comprehensive development plan carried out by the Central Bank.
The framework according to Omar, extends to all related activities, including safe money transfers and means to facilitate access to all segments of the society, which contributes to enhancing financial inclusion.
Omar added that EgyCash will use the latest technologies and international standards in the field of money transfer to ensure efficiency of cash transfers and safety against any robbery attempts.
EgyCash will use armored vehicles that are equipped with high tech communication devices which include cameras that monitor the vehicles route from the moment it leaves until it arrives.
“The transfer vehicles will also include high-tech technology that allows the process of self-destruction of the money through (IBNS) technology, which is immediately triggers in cases of burglary,” Omar explained.
Vice President of the National Bank of Egypt Abou El-Fotouh pointed out that the new company also aims to help establish the concept of financial inclusion and spread the financial culture by expanding the banking services and increasing the number of ATMs, especially in villages and remote places.
“The company aims, in its first stage, to cover the Egyptian market, and later expand abroad, especially in Africa and the Arab world,” EgyCash chairman noted.
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