Emirates NBD, a UAE-based banking group formerly known as BNP Paribas Egypt, has partnered with Egyptian mobile services firm Mobinil to launch a new mobile payment service, Mobi Cash, in the country.
According to Mobinil, the new service will guarantee the loyalty of its subscribers.
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Mobinil commercial vice-president Ashraf Halim said that Egypt’s BNP Paribas bank aims to use Mobi Cash to provide banking services for Egyptians who do not have bank accounts.
To prevent money laundering and other suspicious activities, the firms have set a minimum limit of EGP10 ($1.44) and maximum limit of EGP3,000 ($433.5) per day.
Mobinil CEO Yves Gauthier said the new service is expected to satisfy an urgent need in Egypt to make money transfer services reach more segments in society and satisfy their need, making the mobile phone play a vital role as a modern tool that facilitates people’s lives and contribute to Egypt’s economic & social development.
"The new service will also enable subscribers with no bank accounts to manage their money transfer services through their wallet in a safe and easy way," Gauthier added.
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By GlobalDataHaving initially rolled out the service at Mobinil outlets, the company will further make it available at small shops after receiving an approval from the Central Bank of Egypt (CBE), which will depend on the initial outcomes of the money transfer scheme.
