EGYPT: The National Telecommunication Regulatory Authority (NTRA), and its Executive President Dr. Amr Badawi, approved the request of the cell phone companies to allow a cell phone money transfer service. The cell phone service company Vodafone was given the final approval to launch the service. Hatem Dowidar, the executive president of Vodafone company in Egypt, said in previous statements to Youm7 that the central bank had approved the plan to allow cell phone companies to set up mobile money transfers starting this summer. The lack of bank customers and credit card users will not influence the service's success because Egypt has a population of more than 80 million. Dowidar added that the actual start date of the service depends on the security situation, as the service requires money transfers. He said that the service will be valuable for any customer with bank accounts, and denied the possibility money laundering operations occurring, stressing that the service only permits a customer to transfer between 3000 and 5000 EGP (US $505 – $841).
