E-Finance, a company specialising in the field of electronic payment and money collection, signed a protocol of cooperation with Misr for Central Clearing, Depository, and Registry (MCDR) and with Nile Information Technology and Dissemination (NITD) to activate the electronic payment for investors and brokerage firms for the first time in the Egyptian market.
The protocol was signed by Ibrahim Sarhan, chairperson of E-Finance; Mohamed Abdel Salam, chairperson of MCDR; and Mohammed Omar, general manager of NITD.
The agreement aims to provide electronic payment services for investors and brokerage firms through the unified code of the stock market. The new system offers instantaneous reports showing details of all transactions. It also allows investors to transfer money at any time without going to the bank, not to mention the transfer of cash from one place to another. This ensures the implementation of required transactions of securities in a timely manner.
As for brokerage firms, the new system will allow only limited cash transactions and will ensure that the transferred money will arrive in the next working day without delay. In addition, the companies no longer need to keep large sums of cash in their headquarters, nor go to banks to deposit their cash.