CIB organises mobile payment services workshop for micro enterprises

The workshop was held under the auspices of the Egyptian Financial Supervisory Authority (EFSA), represented by Gamal Khalifa, head of microfinance.

According to a CIB press release, the mobile payment services workshop was organised in line with the directives of the Central Bank of Egypt (CBE) issued to banks to start providing mobile payment services to micro enterprises.

The bank stated that such services contribute to offering more convenient and less costly financial transactions, as they allow organisations to deposit loans directly to customers’ smart wallets on mobile phones.

During the workshop, CIB employees from the Digital Banking division provided an in-depth description of the general features and benefits of mobile payment service, clarifying its positive returns for the microfinance organisations and its customers, including cost saving and better managing risks resulting from cash transfers between organisations and customers.

Moreover, workshop participants received a full clarification about their expected role as identified by the CBE last November, which regulates the mobile payment transactions.

Finally, the workshop highlighted the full work cycle and listed all documents needed to be eligible for providing this service.