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Egypt Post to launch savings products with varying interest rates - Daily News Egypt

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Egypt Post to launch savings products with varying interest rates

All services provided by Egypt Post are expected to be available on its Yala mobile application


Sherif Farouk, Chairperson of Egypt Post, has revealed that the authority is studying a number of new savings products in preparation for their launch.

Some of the savings products will come with annual interests, whilst others are set to be offered as semi-annual vessels.

Speaking during a meeting with journalists, Farouk added that a committee was formed of representatives from all ministries and government agencies. This aims to establish a platform to provide all government services to both Egyptians residing in the country as well as those living outside, with a conceptualisation of the project already completed.

He revealed the authority’s work on creating a mobile application, called Yala App, will be linked to a payment card, and is set to be launched next April. 

This will be accessible, in a first stage, to card owners who have an electronic wallet (e-wallet) that allows them to buy and pay inside and outside Egypt.

In the second phase of the launch, all services provided by Egypt’s postal system are expected to be placed on the application.

Egypt Post has allocated investments amounting to about EGP 3bn, to develop the country’s post office infrastructure. 

Farouk said that the National Postal Authority expects a 25% increase in its profits by the end of 2021, to reach EGP 2.5bn compared to EGP 2bn in 2020.

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https://dailyfeed.dailynewsegypt.com/2021/03/22/egypt-post-to-launch-savings-products-with-varying-interest-rates/
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