Egypt Post's saving deposits hike to LE 200B

BY

Mon, 25 Dec 2017 - 04:35 GMT

An employee carries money at an exchange office in downtown Cairo – Reuters/Amr Dalsh

An employee carries money at an exchange office in downtown Cairo – Reuters/Amr Dalsh

CAIRO – 25 December 2017: The volume of saving deposits at Egypt Post reached LE 200 billion, with the number of customers recording 34 million, Chairman of the Postal Authority, Essam El-Saghir, told Egypt Today on Monday.

Saghir added that Egypt Post, which also offers a range of financial services, launched an electronic system in early December, where it can get information about customers using their national IDs, as well as their eye and finger prints.

The deposit volume at Egypt Post stood at LE 188 billion in June, where LE 115 billion of them were deposited at the state-owned National Investment Bank (NIB).

Egypt Post does not fall under the jurisdiction of the CBE; however, a CBE Representative is a Member of its Board of Directors.

In August, Egypt Post decided to substitute the postal savings books with ATMs, with the measure applied in Cairo and Giza post offices as a first stage; this measure will later expand to governorates nationwide.

Saghir said the measure is meant to ditch the paper-based system and replace it with ATMs.

About 24 million clients have postal savings books at Egypt Post, according to an official statement.

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