Egypt's Mobinil launches mobile payment service

The Egyptian Company for Mobile Services (Mobinil) launched a money transfer service on Sunday.


In partnership with BNP Paribas Egypt (now Emirates NBD), Mobinil, the giant cellular provider, has become the country’s third mobile operator to launch a money transfer service through mobile payment – 'Mobi Cash', as announced by partners in a press conference on Sunday.

Mobinil says that the service will guarantee the loyalty of its subscribers, while Egypt’s BNP Paribas bank aims to use Mobi Cash to provide banking services for Egyptians who do not have bank accounts, said Ashraf Halim, Vice-President of commercial Mobinil.

The Central Bank of Egypt (CBE) specified that cash transfer services could only be provided by telecom companies in partnership with a single bank, said Shahinaz Fouda, deputy managing director of BNP Paribas Egypt.

To avoid money laundering and other suspicions arising from newly regulated money transfers, Mobi Cash partners have set a minimum limit of LE10 and a maximum limit of LE3000 per day, according to Halim.

“We launched Mobi Cash when we became certain the service was fine and secure,” said Mobinil CEO Yves Gauthier at the press conference.