The National Bank of Egypt, along with Egyptian Banks Company and Fawry, launched the Phone Cash mobile payment wallet last week, which will allow customers across Egypt to send money, pay bills and add credit to prepaid phones.
NBE is the first bank in Egypt and the Middle East to provide a digital wallet service independent of any one mobile company.
“As the largest commercial bank in Egypt, NBE has been working with our partners for many years to offer the people of Egypt simple and safe ways to manage their finances,” NBE Vice Chairman Sherif Elwy said. “We are delighted to announce the launch of this wallet, which does not limit consumers to one mobile network or even a specific type of handset. This product opens doors for all consumers in Egypt to have access to financial services, regardless of whether or not they have a bank account.”
The app can be downloaded on any mobile device as an e-wallet that can be reloaded at any Fawry outlet. NBE customers can also link their MasterCard cards to the app to allow for money transfers from bank accounts.
“Egypt has proven itself to be a market that embraces innovations in both the payment and mobile space, and we are delighted to build on the Mobile Payments Solution that we launched with the Egyptian Banks Company in this dynamic market,” Magdy Hassan, the country manager for Egypt at MasterCard, said. “Solutions like these are rapidly opening doors for consumers from all walks of life, whether simplifying day-to-day payments or creating worlds of opportunities for those who have not previously had access to formal banking solutions. We will continue to work with partners like NBE and Fawry to create opportunities for more communities as we work towards a world where everyone has access to safe and simple financial products.”
Fawry founder and CEO Ashraf Sabry pointed to the company’s status as the largest bill payment aggregator in 2008.
“Fawry has been at the forefront of payment innovation in Egypt, having established ourselves as Egypt’s first and largest bill payment aggregator in 2008,” Sabry said. “Building on our relationship with MasterCard, this new wallet can be used to deposit or withdraw cash from any of Fawry’s 20,000 outlets and allows consumers in Egypt to make use of our extensive range of services via their mobile phones.”