Egypt Mobile Operator to Launch Mobile Money Transfer Service

Mobile phone operators in Egypt are planning to launch money transfer services. Of the country's some 80 million inhabitants, analysts estimate that only about 10 percent of the population owns and uses a credit card. Mobile money transfer services, which recently received an initial green light from authorities in Egypt, could assist the millions who don't have access to a credit card or bank account, while also helping line the pockets of mobile operators.

"In a country where a small number use credit cards, there's a potential for mobile payment as an alternative for the circulation of cash,"said Hassan Kabbani, chief executive officer of the Egyptian Co. for Mobile Services, better known as Mobinil, the country's biggest mobile operator by subscribers. Read more..

The launch date for mobile money transfer services, or MMTS, in Egypt, is still to be determined, but comes at a time when similar systems started in Africa have proved a raging success."