Certain Lebanese banks are seeing a more short-term potential in cellular phone hookups than in Internet banking, reports Executive, a local business monthly. Cellis, one of the country’s cell phone operators has teamed up with Societe Generale Libano Europeenne de Banque, with the other operator, LibanCell, has joined forces with National Bank of Kuwait.
Soon, say the banks, subscribers to the two companies will be able to check their bank balances, order mini-statements ad check books, and transfer money between accounts, all via their cell phones.
From the bank’s perspective, the tendency to concentrate on cell phones at present is that the size of the potential market is larger. While there are only 100,000 dial-up Internet subscribers nationwide, almost 700,000 individuals own and use cell phones.
According to Executive, the two cell phone operators have each invested more than $1 million in developing their services. And they do not intend limiting themselves to Societe Generale Libano Europeenne de Banque and National Bank of Kuwait. Following the initial period, each plans to add more banks to its stable. – (Albawaba-MEBG)
© 2001 Mena Report (www.menareport.com)
