Egypt starts electronic remittance of money
Regional, Economics, 10/18/2003

In a press conference held yesterday, the first electronic mechanism was launched to enable Egyptians abroad to remit money to their families in Egypt.

Here is the speech of Farouq Al-Oqda Head of the National Bank of Egypt (NBE) delivered by Attia Salem the General Director and member of the Policies Committee in the NBE:

"This important step comes in the light of the strategic partnership between the NBE and the global Master Card to provide a mechanism that allows Egyptians abroad to remit money to their families in Egypt safely and simultaneously.

Such a mechanism, to be already issued on November, is an electronic card that contains a special number of the remitter's card in addition to another similar card so that the beneficiary would receive money after 1.7 seconds through ATM ." Mr. Salem confirmed that these cards, that would be issued without prior bank procedures, are quite safe.

Mohammed Bala'rj, the regional Director of Master Card in the Middle East and North Africa, stressed that Master Card pays a special heed to the Egyptian market. In fact, our share of the Egyptian Market began by 12% and now reached 373.000 credit cards and 600.000 ATM, added Bala'rj.

He also said that this mechanism is globally applied for the first time and it would begin by the Gulf Area where there is the largest number of the Egyptians who work there.

He indicated that this step comes to back Egypt's resources of foreign currency through an important source as remittances of Egyptians abroad.

This is in addition to turning the Egyptian community to use electronic money instead of using ordinary legal tenders.

Lily Right, the regional Director of Master Card in Egypt, indicated that the NBE cooperated with the technological team of Master Card two years ago.

This was to test the applied technology of credit cards where the process of payment only take 7 seconds.

This is the same method by which the NBE presents the new card for the Egyptian people.

Mr. Attia Salem said that 50.000 cards would be issued in the first stage to be distributed through the NBE correspondents network.

He also indicated that the NBE signed a contract with Al-Ferdan Center to distribute these cards among those who wish to remit money to persons in Egypt.

This card would cost LE 40 and there can be additional cards to more than one beneficiary on the same number of the remitter's card, indicted Salem.

It is expected that the volume of the remitted money would first reach $ 3000 in the first stage then the maximum limit would be launched later.

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