The Central Bank of Egypt (CBE) has launched EgyCash company for technological cash solutions, specialised in money transfer services and ATM cash feeding.
In a statement, the CBE said it has contributed up to 35% of the new company’s capital, while the National Bank of Egypt (NBE), Banque Misr, and Banque du Caire amongst other parties own the remaining share.
Last week, EgyCash and the NBE signed a contract to transfer funds, with the former company expected to sign a similar contract with Banque Misr next week.
EgyCash Chairperson Hani Omar said the company comes within the CBE’s comprehensive development of Egypt’s banking system in terms of both business and banking activities, and all related operations.
This includes using safer means for money transfer operations, which help citizens access cash nationwide easily, in a manner that serves the CBE’s main objective of greater financial inclusion.
Omar also said that the company adopts the latest and best global money transfer technologies and international standards.
He added that the company’s employees boast the highest degree of competence and readiness, and have been provided with the highest degree of training and rehabilitation in accordance with international standards.
Omar said that, in the first stage, the company aims to cater to the Egyptian market, with plans to expand abroad later on, especially in Africa and Arab countries.
Gamal Abu Ismail, EgyCash Executive Director, said that the company started its activities with an initial fleet of armoured money transport vehicles. Although it currently operates in Greater Cairo only, it aims to cover the whole country.
Abu Ismail added that the company provides innovative solutions to face any money transfer-related crises, and providing reliable security solutions.