British telecom major Vodafone is reportedly looking to roll out nano lending service for its consumers in Egypt.
Vodafone Egypt’s external relations director Ayman Essam told Bloomberg that his organisation is collaboration with Bank of Alexandria for this programme.
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Vodafone Egypt’s executive in his message to Bloomberg said that the move is “a normal evolution” as Vodafone Egypt has 65% of mobile wallet share and over 80% of the transactions on that platform.
The initiative, according Essam, is part of the company’s efforts toward boosting ‘financial inclusion” in Egypt.
Central Bank of Egypt and Egypt’s National Telecom Regulatory Authority selected Vodafone Egypt for the programme.
Th British telecom group said that talks with Alexandria are still in progress.
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By GlobalDataNo details regarding the financial investment and launch date were made public.
Bank of Alexandria is one of major banks in Egypt with 176 branches across the country. Intesa Sanpaolo is the major shareholder in the bank since 2007.
The bank, which employs 4,500 people, serve about 1.5 million customers.
Recently, Lebanese lender Blom Bank commenced exclusive talks with Bahrain’s Bank ABC to divest its stake in Blom Bank Egypt.
The move comes as Blom Bank is exploring different strategic options after financial crisis gripped the domestic banking industry in Lebanon.
Currently, the lender holds 99.42% of the issued share capital of Blom Bank Egypt, Reuters reported citing a bank statement.
