Etisalat Egypt launches mobile money service
Cairo, June 25, 2013
Etisalat Egypt has launched an award-winning mobile commerce service across the country in a bid to provide its customers with access to banking services.
The mobile money service, known as Flous (Arabic for “money”), enables customers to use their mobile phones as digital wallets. They can transfer money to other participating customers through their mobile phones and load or take out cash at over 100 Etisalat outlets and 405 National Bank of Egypt branches across the country.
“The launch of mobile money mobile services in Egypt for the first time will enable Etisalat to begin a new phase of offering innovative services to our customers throughout this vast and important market,” said Saeed Al Hamli, chief executive officer of Etisalat Egypt. “Businesses, government and the general population all stand to benefit as the services are rolled out.”
Flous is offered in association with the National Bank of Egypt (NBE) and MasterCard. The newly introduced program is the first implementation of the mobile payment solution that MasterCard and Egyptian Banks Company (EBC) introduced to the market.
“The expansion of our Flous service throughout Egypt is perfectly aligned with Etisalat’s goal to enrich and transform the communities in the countries where we are operating,” said Khalifa Al Shamsi, chief digital services officer at Etisalat Group.
“Through the implementation of new services, we will continue to raise the bar for technology and be a powerful catalyst for positive economic change.”
After signing up, Etisalat and the NBE will provide customers with virtual bank accounts, enabling them to use their mobile phone as a debit card and manage money directly from their handset. The service, which requires a password for each transaction, is designed to give customers security and flexibility. It will enable customers to access money 24 hours a day, 7 days a week.
“MasterCard is committed to providing the Egyptian market with payment solutions that meet the needs and expectations of all consumer segments,” said Michael Miebach, president, Middle East and Africa at MasterCard.
“With 65 per cent of the population lacking access to formal banking, the mobile phone is rapidly becoming the method of choice for making payments and managing money.
“MasterCard customized this solution in cooperation with Egyptian Banks Company and in accordance with the Central Bank’s mobile payment regulations, thus creating a world of opportunities for underserved communities. MasterCard congratulates both Etisalat and NBE for being the first movers in Egypt to leverage this landmark solution,” he added.
Earlier this year, Flous won the “Best Near Field Communication/Mobile Money Product” category at the GSMA’s Global Mobile Awards during the Mobile World Congress in Barcelona, Spain.
Last month, the service was nominated by the Financial Times and the World Bank for the 2013 Global Sustainable Finance award. – TradeArabia News Service
More Finance & Capital Market Stories
- ADIB offers smartphone industry investment
- Gulf Finance House to start $3bn Tunisia project
- KFH completes ICT project upgrade
- Egypt urban annual inflation slows to 9.8pc
- BIBF signs deal with Palestinian institute
- Bahrain’s GDP set to expand 12pc
- KFH-Bahrain rebrands priority banking
- Bank Nizwa wins top Islamic bank award
- Qatar labour costs may jump: IMF
- Kuwait Q3 trade surplus hits $23bn
- Dubai trade growth up 7.6pc to $362bn
- Deloitte appoints new managing director
- Al Ramz tops UAE trading in Feb
- IFC in $150m loan deal with Bank Audi
- SME funding focus for Abu Dhabi forum
- Insurance House posts second year of profit
- ETF global assets hit record $2.44 trillion
- Bahrain firms plan IPOs
- Serbia wins $1bn Abu Dhabi loan
- Key equity banker resigns from Saudi Fransi
- DMCC to boost Islamic commodity trade with tie-ups
- IDB, KIA units to invest in Morocco
- First Gulf to set up $1bn sukuk in Malaysia
- Singapore’s UOB Bullion and Futures joins DGCX
- Infrastructure investment ‘key to growth’
- BKIC declares 30pc dividend
- StanChart profit falls 16pc in 2013
- Veteran Saudi banker to head AMF
- Dubai World prepays $284m to creditors
- EFG-Hermes sells Damas stake to Mannai