MasterCard International and National Bank of Egypt launch world's first receiver focused money transfer card

The Al Ahly FiLahza MasterCard Electronic Card targets the large number of Egyptians who work in the Gulf and send money home to their families. "Fi lahza" in Arabic means, "in an instant."

The new card program operates simply, reliably, and instantaneously. The Al Ahly FiLahza MasterCard Electronic Card is actually two cards - one to be kept by the person receiving money in Egypt and one to be posted to the sender living in the Gulf.

The sender is able to transfer funds to the receiver simply by visiting an Al Fardan Exchange (AFE) outlet, one of the largest money exchange companies in the region. As soon as the transaction at an AFE branch is complete, the money is instantly available on the receiver's card and can be accessed via ATM machine for cash or to make purchases at any MasterCard Electronic point-of-sale terminal.

Dr Farouk, chairman, National Bank of Egypt, said: "As pioneers in the Egyptian banking sector, we are proud to have worked with MasterCard, a trusted name in electronic payment programs, to develop a technology-driven card that will serve so many Egyptians. The Al Ahly FiLahza MasterCard Electronic Card not only expands our retail bank offering but allows us to serve our customers wherever they are, even overseas."

"The team at MasterCard continually strives to create innovative and relevant payment programs to help its members serve all the community's needs, and this new MasterCard Electronic™ Card receiver focused money transfer program offers a global first-of-its-kind service to cardholders in Egypt," said Mohamed Belarj, senior vice president and general manager, MasterCard International Middle East and North Africa.

The program was developed based on two years of research that showed an increasing number of money-transfer transactions were being made by expatriate Egyptians to family members back home.

"Working with our long-time partner NBE, the launch of this program here in Egypt embodies our commitment to this large and dynamic market and to our member financial institutions. The program also will support the Egyptian government's cashless society initiative," continued Belarj.