Mobinil, Egypt’s largest mobile operator by number of customers, has won preliminary approval to offer its customers a mobile money transfer service.
The Central Bank of Egypt gave its initial approval for Mobinil to offer the service in partnership with…
Mobinil, Egypt’s largest mobile operator by number of customers, has won preliminary approval to offer its customers a mobile money transfer service.
The Central Bank of Egypt gave its initial approval for Mobinil to offer the service in partnership with BNP Paribas.
If Central Bank grants its final approval to the service, Mobinil will launch Egypt’s first mobile money transfer facility.
Although operators in Kenya, the Philippines and South Africa offer such services, no Arab country allows mobile money transfer.
Mobinil had 25.4 million mobile phone subscribers at the end of 2009 out of a population of 81 million.
Mobile telephony is much more widespread in Egypt than retail banking, with only 7.8 million Egyptians holding bank accounts, according to BNP Paribas.
The operator, which is jointly owned by France Telecom and Orascom Telecom, hopes to launch the service in the middle of 2010.