National Bank of Egypt (NBE) and Egypt Post on Tuesday signed a memorandum of understanding (MoU) to allow the transfer of remittances through post offices.
Hisham Okasha, Chairperson of the NBE, said that this cooperation comes within the strategic partnership between the two sides, which would facilitate the disbursement of remittances through post offices. The step will attract remittances and savings of Egyptians working abroad.
Okasha explained that this service provides the option of receiving remittances coming from abroad through the NBE branches and various post offices across the country, which contributes to increasing the foreign currency reserves in the coming years.
He highlighted the efforts exerted by the bank, being the largest and oldest financial institution in Egypt, to reinforce its pioneering role in supporting the comprehensive economic development that Egypt is currently witnessing in all fields, especially the field of remittances, which the bank places as a top priority.
Sherif Farouk, Chairperson of Egypt Post, said that cooperation with the NBE in launching this service represents a qualitative leap, by directing the national efforts of national institutions such as Egypt Post and NBE to facilitate remittance transfer procedures.
He explained that this service would enable Egyptians abroad to send remittances to their families in Egypt through the postal network of about 4,000 offices across the country, in addition to self-service express mail kiosks, which operate six days a week. This aims to serve a broad sector of citizens and make it easier for them to disburse remittances from the nearest post office, as no specific office is required, in a speedy manner.
Rahim El Kashki, Chairperson of the Information and Technology Services Company (ITSC), said Egypt Post is a technical partner in the field of remittances, stressing that all security standards are taken in receiving and disbursing remittances, by relying on the International Global Reach platform.
He added that in the next stage, the network will allow disbursing remittances from other channels, such as ATMs and mobile wallets, as well as through direct transfer to post accounts, in an effort to diversify the methods of providing the service to expand the base of beneficiaries.