CAIRO: Chairman of Egypt Post Asraf Gamal el-Din ordered the appointment of Central Bank of Egypt (CBE) Deputy Governor Nidal Asar as a member of Egypt Post’s board of directors.
The decision was in response to a former request from CBE since December while some banks operating in Egypt were in a state of anxiety after Egypt Post recently provided financial services to appear as a strong rival, an Egypt Post official told Youm7.
“Some of these banks are exercising pressure to hinder Egypt Post from providing financial services,” the source said, citing their fears of restructuring Egypt Post’s board of directors, which include economists and bankers.
These banks will probably try to force Egypt Post to stop providing any profitable services and to commit to its role serving those of limited income, leaving major clients and businesses for the banks, the source said.
Some banks recently objected after the post launched a new package of financial services for all segments of the society, mainly aiming to serve citizens that also reflects positively on the body’s financial results.
The new services included foreign remittances as well as domestic transfers, which represent 90 percent of the internal market and collecting services on behalf of cement companies, customs, and taxes.
Egypt Post recently offered prepaid cards in collaboration with Visa Corporation. The client can charge cards from any post office with a minimum of 100 EGP ($14) and up to 5,000 EGP ($720.) Families and students can use the prepaid cards nationwide for all payments, including university fees.
Egypt Post also intends to allow its clients use prepaid cards for paying gas, energy, phone, and internet soon.
Originally published in Youm7.