National Bank of Egypt (NBE) has announced it will roll out a mobile wallet to both banked and unbanked customers called Phone Cash.
Users of the app will be able to send money, pay phone bills, load credit to prepaid phones, make donations and reserve airline tickets.
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The ‘Phone Cash’ service operates independently from the network of any specific mobile company.
Sherif Elwy, vice chairman at NBE said: "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.
"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."
Magdy Hassan, country manager of Egypt for MasterCard, said: "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.
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By GlobalData"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."
NBE has plans to make allow the mobile wallet to be used over the counter "soon".
‘Phone Cash’ has been developed with payment provider Fawry and the Egyptian Banks Company, an organisation aiming to further the adoption of electronic payments.
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