The Central Bank of Egypt (CBE) announced on Saturday the establishment and launch of "Egy Cash" for monetary transactions, providing services related to cash circulation, money transfer and ATM feeding across the country according to the latest technological systems for global control and management.
CBE will contribute to the capital of the new company with a share of up to 35%, while banks, such as the National Bank of Egypt (NBE), Banque Misr, Banque du Caire and others will own the remaining share.
Last week, Egy Cash signed a contract with NBE, in the presence of Yehia Abou El-Fotouh, Vice President of the Bank, Egy Cash Chairman Hany Omar, and Gamal Abou Ismail, Executive Director of the company. A second contract is expected to be signed with a Banque misr next week.
Omar said in statements that the establishment of the company comes within the framework of the comprehensive development plan carried out by the Central Bank, not only in terms of business and banking activities, but extends to all related activities, including safe money transfers and means to facilitate access to all segments of the society, which contributes to enhancing financial inclusion.
He added that Egy Cash will work according to the latest technologies and international standards in the field of money transfer, as it will be equipped with the latest security technology and efficiency against any robbery attempts.
He indicated that the vehicles will be armored, electronically equipped and connected with the latest communication devices in a real-time operations room, which include cameras that monito the vehicles route from the moment it leaves until it arrives.
[gallery ids="157725,157723,157722,157720,157718"]
"The transfer vehicles will also include high-tech technology that allows the process of self-destruction of the money through (IBNS) technology, which is immediately triggers in cases of burglary," the chairman added.
"The company aims, in its first stage, to cover the Egyptian market, and later expand abroad, especially in Africa and the Arab world," the chairman noted.
On his part, Abou Ismail, said that the company started its activities with an initial fleet of armored money transport vehicles equipped with the latest safety and insurance methods, covering greater Cairo and later all governorates, especially the remote areas.
He added that Egy Cash is a national company that will operate at 24 hours a day, 7 days a week, and in various places and regions to secure, transfer money, and feed ATM machines.
He pointed out that the new company also aims to help establish the concept of financial inclusion and spread the financial culture by expanding the banking services and increasing the number of ATMs, especially in villages and remote places.
Follow the latest news on Google News
