Etisalat Egypt, CBE negotiate to activate mobile money transfers from abroad

Etisalat Egypt, in partnership with the National Bank of Egypt (NBE), is negotiating with the Central Bank of Egypt (CBE) in order to expand fields of cooperation.

In a statement to Daily News Egypt, Etisalat Egypt CEO Saeed Al-Hamli said the company is currently negotiating with the CBE in partnership with the NBE to provide mobile money transfer services from abroad to the company’s customers in the country.

Al-Hamli asserted that the negotiations also target reaching the controls organising the mobile money transfer process from abroad in the case of the CBE’s approval to activate the service. This would be in order to provide the best service for customers. Etisalat Egypt is also looking to expand cooperation fields through its talks with the CBE.

Etisalat Egypt has acquired 19% of the Emirates Telecommunications Corporation (ETC) revenues. It has stepped up to second place behind Maroc Telecom, which controls 55% of the ETC’s international revenues.

International revenues represent approximately 43% of the ETC’s total revenues, which amounted to AED 13.3bn in the second quarter (Q2) of 2015, compared to AED 12.9bn during Q1 of 2015.

Etisalat Misr gained revenues of EGP 4.6bn (AED 2.15bn) in Q2 of this year. It dominates about 24% of subscribers in the Egyptian market, which is, however, suffering from a decline in subscriber numbers. This decline is due to the strict measures initiated by the National Telecommunications Regulatory Authority (NTRA) to limit the sale of unregistered lines.

SOURCE:DAILYNEWS EGYPT