Mobinil launched a money transfer service called “MobiCash” in collaboration with BNP Paribas bank to give customers access to “secure money transfer transactions”.
Mobinil is the third mobile service operator to provide this money cash transfer service, with Vodafone having already launched its “Vodafone Cash” service, and Etisalat activating its “Felous” service four months ago.
MobiCash service provides the possibility of depositing, transferring and withdrawing cash with a maximum daily limit of EGP 3,000 and a maximum wallet size of EGP 5,000 per month.
According to a press release from Mobinil, customers can subscribe to the service by visiting any Mobinil branch and presenting their national ID.
“The service will be activated immediately as the customer will receive an SMS with a personal confidential password that enables him to conduct money transfer service,” read the statement.
In order to deposit or withdraw money, the customer must visit a Mobinil branch. To transfer money, the customer should enter the phone number of the customer to whom he wants to transfer money, followed by the amount of money, then the password. An SMS will be sent to the receiver to confirm the operation.
Yves Gauthier, Mobinil’s CEO, said in the launch conference on Sunday that this service would enable subscribers with no bank accounts to manage their money transfer service.
Meanwhile, board member and Deputy Managing Director and Head of Treasury and Wealth Management of BNP Paribas (soon to be Emirates NBD) Shahinaz Foda, said that the Central Bank of Egypt is encouraging all banks to offer money-transfer services.
Both partners studied the MobiCash project for more than three years under the supervision of the Central Bank of Egypt, following its regulations of providing a 100% safe service to mobile phone users.