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    MoU between ENPO, Banque Misr, Visa Inc. to Regulate Financial Services, Support Financial Inclusion

    Cairo, 29 August 2017

    The Minister of Communications and Information Technology Yasser ElKady has witnessed the signing of a tripartite Memorandum of Understanding (MoU) between the Egyptian National Post Organization (ENPO), Banque Misr and Visa Inc. on regulating digital financial services, spreading them to the largest number of citizens and promoting financial inclusion.

    The MoU was signed by ENPO Chairman Essam El-Sageir, Chairman of Banque Misr Mohamed El-Etreby, and CEO of Visa Inc. Tarek Mahfouz.

    In his speech, ElKady said that Egypt has made significant strides in providing financial inclusion services, whether through modernizing the infrastructure or applying regulatory frameworks in this sector. This is in addition to promoting the integration between ministries and concerned authorities to prepare for the digital transformation in Egypt and to integrate informal economy into the official channels.

    The ICT Minister highlighted the role played by the Ministry of Communications and Information Technology (MCIT) in reaching all segments of society to provide them with financial, community and government services throughout the country.

    El-Sageir said that the agreement will enable ENPO to provide financial inclusion services to traders and integrate them into the formal economy through its partnership with Banque Misr. The MoU also includes the provision of ATM machines at a number of post offices, contributing to increasing ATMS locations and realizing financial inclusion. Under the MoU, Banque Misr will manage, feed and maintain these ATMs.
    The MoU allows ENPO to collect loan and credit card installments for Banque Misr customers via the post offices throughout the country, which will contribute to making these services available to customers on a large scale.

    Moreover, the MoU stipulates that Banque Misr cooperates with ENPO in expanding the acceptance of e- payments and enabling traders in the governorates of Egypt and through Egypt Post to accept payments easily and meet citizensí needs using e-payment methods. Visa Inc. will provide all the assistance required for the success of this new model of technological cooperation in terms of products and solutions that meet the requirements and needs of Banque Misr and ENPO customers.

    For his part, El-Etreby said that this strategic agreement is the first of its kind in the Middle East, aiming primarily to advance financial inclusion in Egypt. It will provide the customers of ENPO and Banque Misr with an opportunity to benefit from the provision of several services in different regions throughout Egypt Post outlets, thus facilitating procedures for Banque Misr customers.

    Mahfouz said that the Egyptian market is Visaís top priority in the financial inclusion projects. He expressed his appreciation for MCIT efforts to provide the adequate digital infrastructure, which is one of the cornerstones for promoting the dissemination of financial inclusion concept.
    Mahfouz underscored Visa's commitment to the World Bank to help achieve financial inclusion targets to serve about 500 million people worldwide by 2020.

    Financial inclusion contributes to increasing citizens' sense of belonging, enabling them to obtain their rights in financial services and reducing marginalization, which leads to increased satisfaction with government performance and increased interaction between government departments and citizens through financial education and capacity building programs. Thus, citizens will see the positive steps that the government takes in delivering services and support to those who deserve it.

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