Vodafone Egypt and AlexBank signed an agreement to increase the variety of transactions available to the operator’s mobile money customers: a move the pair hailed as supporting the country’s transformation into a cashless economy.
The operator’s Vodafone Cash service currently enables money transfer services, but the deal will now see its remit widened to include a greater number of payment services. Consumers will also be able to deposit and withdraw money from their mobile wallet at AlexBank’s ATM network.
“Such partnerships will work to transform Egypt into a cashless community,” Vodafone Egypt consumer sales director Karim Shehata said in a statement announcing the tie-up.
He highlighted the deal was an important step in the development of e-payments in the country as it made services available outside working hours by incorporating cash points.
In an interview with Daily News Eygpt, head of retail banking at AlexBank, Sherif Lokman, said the partnership would help Vodafone increase its number of Vodafone Cash customers from 3 million today to 5 million in 2019.