NBE and Etisalat launch “Flous”, first ever Arabic mobile money implementation
MasterCard , National Bank of Egypt (NBE) and Etisalat
today announced the launch of the mobile payment wallet in Egypt, which
will bring Etisalat Egypt’s subscriber base safe and convenient payment
services through the power of their mobile phones. The newly introduced
program is an early implementation of the Mobile Payment Solution that
MasterCard and Egyptian Banks Company (EBC)
introduced to this 94 million mobile users market and represents the
world’s first ever interoprable Arabic mobile money program.
“Flous”,
which means money in Arabic, will use the Etisalat mobile network and
can be deployed on any mobile phone. The first phase of this program
will allow subscribers to transfer money to anyone participating in the
service using their mobile phones, and to load cash on their phones or
take out cash through over 100 of Etisalat’s branches and 305 of NBE’s
branches across Egypt. This represents a new era for mobile users as the
service will be the fastest, most convenient and secure money transfer
channel in Egypt.
The second phase of the program will allow subscribers
to pay their bills through their mobile phones, top up their mobile
prepaid lines, and pay for goods and services at several merchants’
locations in Egypt, in addition to using it for e-commerce payments
globally.
Commenting
on this landmark announcement, Mohamed Kamel Bayoumi, Managing
Director, EBC said “We have chosen MasterCard to partner with us on this
transformative mobile money program to benefit from their global
experience as they have successfully implemented more than 30 such
programs around the world. Our objective, together with the Central Bank
and the Government, is to bring financial services to the fingertips of
each and every Egyptian. This collaborative initiative will allow us to
achieve that.”
“Etisalat
connects people from around the world, and we have developed some of
the world’s most advanced networks by constantly adding value to the
infrastructure. Mobile phones can be used for far more than calls and
messages.
In a world where smartphones and mobile browsing have become
commonplace, it is only natural that mobile devices be used to conduct
everyday transactions, especially with their current levels of
penetration in the Egyptian market” said Eng. Saeed AlHamli, CEO,
Etisalat Egypt.
“As
the largest commercial bank in Egypt, NBE has been working with our
partners for many years to ensure that Egyptians have access to the
latest and most advanced payment methods. We are now reaching the
threshold that will change the way consumers go about their everyday
banking needs.
We are pleased to announce that we are opening the doors
for consumers to utilize the power of mobile payments as an alternative
to traditional payment solutions to conduct faster and more convenient
transactions,” said Sherif Elwy; Vice Chairman, NBE.
“MasterCard
is committed to providing the Egyptian market with payment solutions
that meet the needs and expectations of all consumer segments. With 65%
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 EBC 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” said Michael
Miebach, President, Middle East and Africa, MasterCard.
Distributed by the African Press Organization on behalf of MasterCard Worldwide.
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