CAIRO: The Egyptian National Postal Organization (ENPO), in collaboration with the Ministries of Investment and Communications and Information Technology, launched a new savings account based on investment in the stock market through post offices. The new postal savings account will meet the needs of the 17 million clients of Egypt Post financial services nationwide.
“The new service is available for clients of the financial services offered by the ENPO. This service aims to facilitate changeable high revenues through long-term investments, Tarek Kamel, minister of communications and information technology, said at the inauguration.
This service is part of a comprehensive upgrade of the diverse financial services offered by ENPO via its 3,400 offices nationwide. MCIT had started a promising project four years ago to link all post offices via an advanced network.
“This step is likely to bolster investment opportunities for a big segment of the Egyptian population, especially those who have limited knowledge of investing in the stock market, said Investment Minister Mahmoud Mohieldin.
The new service offers an investment mechanism in the stock market managed by specialists through the post offices, which minimizes the risk factor.
“This protocol between ENPO and the Cairo-Alexandria Stock Exchange (Case) meets the two parties’ common aim of providing citizens with distinguished services and raising their investment awareness, ENPO Chairman Alaa Fahmy said.
The new savings account can be opened with only LE 100, with no ceiling value.
Case representatives said they trust the project will succeed, predicting that it will be a “driving force in the Egyptian market, which is ready to absorb new investment tools that are safe and profitable, Mohamed Ismail of Case told Daily News Egypt.
Case cited the success of putting Telecom Egypt’s stocks into circulation – which collected LE 11 billion of small savings in less than a week – as the reason behind increased investment volumes.
