Egypt Post to allow money transfer via mobile by year end

CAIRO –1 June 2017: A mobile-based money transfer service will be launched by the Egypt Post Authority via a mobile app before the end of 2017, said the authority chairman Essam el-Sagheer.

The service will achieve great success given that the Post Authority dominates up to 98 percent of the postal remittances market in Egypt, Sagheer told Egypt Today.

The official further unveiled the details of the service, saying that unless the sender wants to go to the post office, they should have an account with a fixed sum at the Post Authority, through which they can send the remittance via their mobile.

The receiver can then get the remittance from a post office, he added.

The move comes four years after the Post Authority declined to provide the money transfer service after the service was launched by Egypt's three mobile phone operators in 2013.

The Egypt Post Authority has a network of around 4,000 branches nationwide, in which about a million remittances are sent and received every month, Sagheer indicated.

Up to 24 million clients make deposits that amount to LE 188 billion at the authority.