Vodafone Egypt to Launch Nano Lending With Bank of Alexandria

(Bloomberg) -- Vodafone Egypt is working with Bank of Alexandria to launch a pilot nano lending service to consumers, Ayman Essam, the telecom’s external relations director, said in a message to Bloomberg.

• Essam said the move is “a normal evolution” given that Vodafone Egypt has 65% of mobile wallet share and more than 80% of the transactions on that platform
  • Move is “part of our efforts toward financial inclusion”
• Co. was selected by Central Bank of Egypt and Egypt’s National Telecom Regulatory Authority for the program
• Vodafone and Bank of Alexandria still discussing details, including amounts and launch date
• Read more: Vodafone Ends Talks to Sell Egyptian Stake to Saudi Telecom (1)

©2020 Bloomberg L.P.