The North Cairo Electricity Distribution Company and the National Bank of Egypt will sign an agreement Tuesday to allow citizens to pay electricity bills online using visa cards. The bank technology and electronic payments company Fawry also signed an agreement with the North Cairo Electricity Distribution company, guaranteeing that the former would collect electricity bills for subscribers of the latter, in the provinces of Cairo and parts of Qalyubia. These decisions will take effect Tuesday once plate numbers for Fawry electricity meters are made available. Mohamed Rahim, Chairman of the North Cairo Electricity Distribution Company, stated that subscribers will also be provided the option to pay their monthly electricity bills at company payment centres located throughout the country, without having to register with corresponding Fawry payment centres. He stated that use of such new measures is meant to facilitate the ease with which subscribers pay their bills, particularly those who are not always present at their official place of residence. He stated that the company possesses 4 million subscribers, all of whom will bear the burden of commission costs for payments, which vary between EGP 1 and EGP 5. The agreement ensures that no personal or secret information belonging to subscribers will be disclosed to any outside sources. The agreement is scheduled to last 3 years, after which it can be renewed. The agreement stipulates that Fawry will deposit the total value of bills collected into a bank account belonging to the North Cairo Electricity Distribution Company, one day after such bills have been collected. An initial EGP 50,000 letter of guarantee will first be provided by Fawry to the Distribution Company. The agreement also stipulates that Fawry's name will be written on all electricity bills belonging to the Distribution Company, in exchange for 10% of the value of commission received by Fawry from subscribers. Translated from Al Borsa newspaper http://goo.gl/c5P8c1
