e-finance to Launch Mobile Payment Services in Egypt Powered by ProgressSoft

Cairo, December 13, 2015

e-finance, the first and largest electronic payment and collection gateway in Egypt, in partnership with ProgressSoft Corporation, the leading provider of real-time payment solutions will launch together the mobile payment services in Egypt during Cairo ICT, which is taking place on 13 - 16 December 2015, at the Cairo International Convention Centre.

The newly launched mobile payment services will cover banked and unbanked citizens, providing them with the capability to carry out various types of payments including Person2Person, Person2Business, Person2Government, in addition to Bill Payment and Presentment.

The first phase of the system will allow payments to be conducted using the mobile to cover Money Transfer, Bill Payment and Presentment for public universities, in addition to Money Transfer for the unbanked citizens.

With a plan to reach up to a total of 40 mobile payment services in the coming few years, the second phase of the system will include additional mobile payment services focusing on a set of services that are currently provided by e-finance, such as "Takaful w Karama" and pension salaries that are disbursed to the mobile wallet. In addition, other services will cover areas like vehicle license and registration renewal, traffic violation fines, mandatory insurance, as well as utility bill payments for water and electricity.

Mr. Michael Wakileh - CEO of ProgressSoft Corporation commented by saying that "It brings me great pleasure to announce the partnership with e-finance and the run of Mobile Payment Service in Egypt; a project that works so ambitiously towards advancing payment systems and technologies in the country. Together, we will provide a state-of-the-art payment service, which will add one more reason of pride for Egypt and Egyptians."

Mr. Wakileh continued, "I would also like to take this opportunity to thank my colleagues at e-finance and ProgressSoft who devote their time and efforts and who open their hearts for collaboration. Without their active role, such a great achievement could never happen."

As the system will be up and running before the end of 2015, ProgressSoft will be present at Cairo ICT, demonstrating alongside e-finance the new service to all attendees and allowing them to use it for a number of purchases that can be conducted within the event venue.

e-finance has chosen to partner with ProgressSoft after a careful search for the most qualified real-time payment solutions provider, with sufficient knowledge and experience to help build the mobile payment services hand in hand while applying the industry’s best practices and international standards.