NBE, Egypt Post Sign MoU to Facilitate Remittances

The National Bank of Egypt (NBE) signed on Tuesday a Memorandum of Understanding with Egypt Post to facilitate the exchange of remittances from Egyptians abroad through post offices across the country.

Chairman of the National Bank of Egypt Hisham Okasha said that this cooperation comes within the strategic partnership between the two sides, which would facilitate the citizens' transfer of remittances and savings of Egyptians working abroad, supporting the national economy.

Okasha emphasized that the service provides the possibility of receiving remittances through the National Bank of Egypt and making them available for exchange through various post offices across the country, which contributes to increasing foreign currency reserves, ensuring its steady growth during the coming years.

On his part, Chairman of the Egypt Post Sherif Farouk said that this MoU enables the national post to provide remittances through post offices that number more than 4000 branches in cooperation with NBE, in addition to the Posta Express that is present in all vital areas, and works 6 days a week.

Farouk explained that cooperation with the National Bank in launching the "international remittances" service represents a qualitative leap in money transfers and demonstrates the efforts of the national institutions such to facilitate services for citizens.

"This service will enable Egyptians abroad to send their remittances to their relatives with ease, pointing out that the NBE is one of the leading institutions in the banking sector, which expresses the confidence of the banking system and its keenness to cooperate with the National Post Authority, as one of the most important and largest economic entities in Egypt

Moreover, Rahim Al-Kashki, Chairman of the Information Technology & Services Co. (ITSC) confirmed that the latest security standards are used in receiving and disbursing remittances, adding that the next phase will allow the exchange of remittances through automatic teller machines (ATMs), electronic wallets on mobile phones, and through direct transfers to postal checking points, in an effort to persify the methods of service provision in order to expand the circle of beneficiaries.

The protocol comes in line with the state’s efforts to increase financial transparency and inclusion, supporting its direction in providing excellent public services for clients.