Egyptians given easy way to wire cash home
New program enables expatriate Egyptians across the UAE to transfer funds instantaneously and securely to families in Egypt.
Egyptian bank group, Banque Du Caire (BDC), has teamed up with MasterCard International, to launch an un-embossed money share pre-paid card in the United Arab Emirates. The bank said the system was the first of its kind in Egypt.
The new system, called the El Fawry (instantaneous) program, is aimed at the many Egyptians working in the UAE, who send money home to their families and friends. According to the bank, the new card program operates simply, reliably and instantaneously and includes two cards. One of the cards is held by the person receiving the money in Egypt, and the other remains with the sender living in the UAE.
The program allows the sender to transfer funds to the receiver simply by visiting any of the Banque Du Caire branches in the UAE. Once the transaction is complete, the money is instantly available on the receiver’s card and can be accessed via Banque Du Caire branches, an ATM machine, or can be used to make purchases at any electronic point-of-sale terminal across the globe.
The un-embossed cards will allow consumers with little or no credit history to benefit from the global acceptance and benefits of MasterCard cards.
Mona Yassin, vice chairman, Banque Du Caire in Egypt, said the system would give customers piece of mind: "We are pleased to have collaborated with MasterCard International to offer this technologically advanced banking product to our customers. The use of a MasterCard un-embossed card offers added security and flexibility to all our customers.”
Lilly Wright, vice president and country manager for MasterCard in Egypt said: “Working with Banque Du Caire to launch this program epitomises our commitment to the dynamic Egyptian market and to our customer financial institutions. The program will further underpin the Egyptian government's efforts to shift into a predominantly cashless society."