Head of Retail Banking at the Bank of Alexandria (AlexBank) Sherif Lokman said that customers of Vodafone Cash are expected to reach 5 million by the middle of 2019, up from 3 million now.
Head of retail sales at Vodafone Egypt, Karim Shehata, said that the company, in cooperation with AlexBank, reached an agreement with the Central Bank of Egypt (CBE) to include companies as beneficiaries of the service, instead of confining clients to individuals only.
Shehata said the limit of transactions is also expected to be amended to reach EGP 10,000 per transaction, up from EGP 5,000, but with a cap of EGP 50,000 per month.
This came during a press conference held by AlexBank and Vodafone Egypt to announce launching the service for AlexBank clients.
Shehata pointed out that negotiations are now under way with the CBE and the Egyptian Banks Company to allow sending funds abroad.
Shehata pointed out that clients have the right to own three portfolios with different banks through the Vodafone Cash service.
In a related context, Lokman said that AlexBank is preparing to launch an updated version of internet banking in mid-December.
Chairperson of AlexBank Dante Campioni said that providing this service supports financial inclusion offers, noting that the bank amended some bylaws to include special provisions related to financial inclusion.
He stressed the interest of the parent group in financial inclusion in Egypt and expanding the base of banks’ clients.