Ayman Essam, Director of External Communications for Vodafone Egypt, revealed that Vodafone Egypt is working with Bank of Alexandria to launch an experimental micro-lending service for consumers.
Essam, in a letter to Bloomberg, said that the move is a natural development given that Vodafone Egypt holds 65% of the mobile wallet share and more than 80% of the transactions on that platform.
He explained that Vodafone and Bank of Alexandria are still discussing the details, including the limits of loan amounts and the date of launching the service to customers.
The Vodafone Egypt official added that the move is “part of our efforts towards financial inclusion.”
The company was previously selected by the Central Bank of Egypt and the National Telecommunications Regulatory Authority in Egypt to work in this program.
A leap in electronic transactions in Egypt
According to the National Telecommunications Regulatory Authority, the number of electronic wallets reached 14.4 million in October 2020, an increase of 17% compared to March. Vodafone Cash accounts for 65% of it, compared to 23% for Orange Cash, 11% for Etisalat Cash, and 1%. To Weibai.
The number of electronic transactions jumped by 156% in October to 9.9 million, compared to 3.9 million in March.
Transfers from an electronic wallet to another account for 38% of operations, followed by charging of the mobile phone and internet balance by 27% of transactions, then cash deposit by 19%, withdrawal 12%, and finally payment of utility bills, shopping, donations, and others at 4%.