In press statements, company chairman Hani Omar said that the establishment of the company comes within the framework of a comprehensive development process that is carried out by the CBE.

The CBE is contributing to the capital of the new company by 35 percent while other Egyptian banks contribute the other part of the capital.

Egyptian banks participating in the company's capital are the National Bank of Egypt, Misr Banque and Banque Du Caire.

The company will offer services that are related to money transfer and feeding ATMs.