MasterCard, telco Etisalat and the National Bank of Egypt are teaming up to roll out the first Arabic mobile money service, reported Finextra. The new scheme is called Flous, which means money in Arabic, can be used on any mobile phone.
The first stage of the rollout will enable users to transfer money to any customers who register for the new service. They will also be able to top up cash to the mobile phones or withdraw cash through Etisalat and NBE branches in Egypt. The second phase of Flous will allow users to make bill payments through a handset, add money to their mobile pre-paid accounts, and pay for products and services both in-store and online.
“With 65 percent of the population lacking access to formal banking, the mobile phone is rapidly becoming the method of choice for making payments and managing money,” stated Michael Miebach, president of Middle East and Africa MasterCard.
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