The Egyptian Central Bank establishes a company to transfer funds and...

The Egyptian Central Bank establishes a company to transfer funds and...
The Egyptian Central Bank establishes a company to transfer funds and...
(MENAFN – Al-Borsa News) The Central Bank of Egypt announced the establishment and launch of the “EgyCash Technology Solutions for Cash Transactions”, which specializes in providing services related to cash circulation, especially money transfer and ATM feeding, according to the latest technological systems for global control and management, and it will cover all parts of the republic, especially in the regions, governorates and remote areas.

The central bank will contribute to the capital of the new company, with a share of 35%, while banks, Al-Ahly, Egypt and Cairo and others will own the remaining share.

Last week, the company signed a contract to transfer funds with the National Bank of Egypt, in the presence of Yahya Abul-Fotouh, Vice President of the Bank, Hussam Al-Hajjar, Head of the Technical and Administrative Support Group at the National Bank, and from the company, Major General Hani Omar, Chairman of the Board of Directors, and Major General Jamal Abu Ismail, Executive Director of the company, and is expected to sign a contract with a bank. Egypt next week.

The Chairman of EgyCash for Technology Solutions for Cash Transactions said in statements to the Middle East News Agency that the establishment of the company comes within the framework of the comprehensive development that the Central Bank is implementing for the banking system, not only in terms of business and banking activities, but extends to all related activities, including operations Transferring funds through safer technological means that facilitate access to all segments of the Egyptian people in the various regions of the Republic in a way that serves the main objective of the Central Bank, which is achieving financial inclusion.

He added that “EgyCash” will work according to the latest and best technologies and international standards in force in the field of global money transfer, as it will be equipped with the latest security technology and efficiency against any attempts at robbery, indicating that the vehicles will be armored, electronically equipped and connected with the latest communication devices in a real-time operations room and cameras Monitoring to track its route from the moment it leaves until it arrives, and the transport vehicles that will be used will be equipped with high-tech technology that allows the process of self-destruction of the money inside through (IBNS) technology, which is immediately triggered in cases of burglary.

The Chairman of the Board of Directors of the company confirmed that the human elements were selected at the highest degree of competence and readiness, after passing all medical, psychological and physical tests, and training was provided to them and qualification at the highest degree in accordance with international standards.

Major General Hany Omar, Chairman of “Egy Cash for Technology Solutions for Cash Transactions,” stated that the company aims in the first stage to cover the Egyptian market, and later expand abroad, especially in Africa and Arab countries.

For his part, Major General Jamal Abu Ismail, Executive Director of EgyCash Technology Solutions for Cash Transactions, said that the company started its activity with an initial fleet of armored money transport vehicles equipped with the latest safety and insurance methods, and initially covers Greater Cairo, then aims to cover all parts of the Republic, especially the regions and regions. Remote.

He added that “EgyCash Technology Solutions for Cash Transactions” is a national company that will operate at all times 24 hours a day, 7 days a week, and in various places and regions of the Republic to secure, transfer money, and feed ATM machines, within the framework of the strategy adopted by the Central Bank by using Best technology in money transfer.

Abu Ismail pointed out that the new company also aims to help establish the concept of financial inclusion and spread the financial culture by expanding the banking activity, increasing the number and feeding of ATMs, and supporting the spread of ATM cards, especially in villages and remote places throughout the Republic.

Major General Gamal Abu Ismail, Executive Director of EgyCash Technology Solutions for Cash Transactions, confirmed that the company provides solutions to face any crises in transferring money and feeding automatic teller machines, as happened in previous times during the events that Egypt witnessed in 2011 and 2013, and providing reliable security solutions.


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