Consortium to create Egypt’s first mobile banking credit card
Egypt’s Banque Misr stands behind a venture, joining the International Visa Organization and MobiNil, to the first Egyptian credit card using banking facilities supplied via the cell phone.
According to Dr. Bahaa Helmy, the Banque Misr chairman, the new facility will appeal to a growing number of consumers. Mobile phone users are increasing in Egypt by 100,000 a month, he said, and are expected to reach two million by the end of this year.
"Market surveys tell us that credit card ownership and mobile ownership go hand in hand.
Hence, our credit card operations represent a perfect base to launch our mobile banking system," explained Hoda Shoukry, manager of Credit Card Center at Banque Misr, as reported by the Middle east Times.
Othman Sultan, the chairman of the MobiNil cell phone operator, explained that with mobile clients can retrieve any information relating to their credit card balance, interest and exchange rates via their cell phone, as well as manage money transfers.
In 1999 in the number of credit card holders in Egypt rose by 21 percent to 250,000. – (Albawaba-MEBG)