Egyptian Firm to Provide Banking Services on Mobile Phones
Egypt's largest mobile telephone company and a local partner of the French bank Societe Generale announced Tuesday they were joining forces to provide banking services by phone.
The Portabank service provided by MobiNil and the National Societe Generale Bank (NSGB) will allow customers to use their mobile phones to manage their accounts and conduct other banking operations.
NSGB is an Egyptian company whose two major shareholders are Societe Generale, with 51 percent, and the National Bank of Egypt, with 19 percent. The bank currently has 12 branches and some 500 employees.
Mobinil, a consortium made up of Motorola of the United States, France Telecom and the Egyptian Orascom group, said in late March it had broken the barrier of 700,000 subscribers.
Mobinil has also just launched another facility for subscribers, WAP -- Wireless Application Protocol -- that lets users access selected information services on the Internet.
Mobinil's largest competitor, Click, has more than 400,000 subscribers and also plans to launch an Internet service. Click is an international consortium dominated by Vodafone and Air Touch Communications - Cairo (AFP)
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