Egypt Post offers new savings vessel with quarterly, monthly returns

Mohamed Alaa El-Din
3 Min Read

Egypt Post, headed by Sherif Farouk, agreed to offer a new savings vessel with quarterly and monthly returns.

Farouk said the step comes within the framework of Egypt Post’s endeavour to provide the best financial services to citizens. This is the first time this vessel is offered by Egypt Post, and is a great addition to the authority’s financial services, besides its regular annual-return saving vessels. The interest rate for a monthly-return savings vessel is 6% and 6.25% for the quarterly savings vessel.

Egypt Post’s board of directors meeting reviewed the security system to secure customers’ financial transactions on their accounts through the “OTP” feature. The service involves sending customers text messages to state that a purchase made online or through a point of sale is completed. This feature helps customers be instantly updated about their account and the purchases made on their cards. In addition, customers are sent text messages right after a withdrawal, depositing, or a transfer is made on their accounts.

The board of directors also approved the organizational levels for the compliance structure and combating money laundering and terrorist financing, in line with the policies of the Central Bank of Egypt (CBE) and the state’s fiscal policies that aim to achieve the highest level of transparency and adherence to the regulations, rules and guidelines to detect money laundering and terrorist financing operations.

The board of directors of Egypt Post includes Abdo Alwan, Deputy Chairperson for Postal Regions Affairs; Ehab Abo Bakr, Deputy Chairperson for Digital Transformation; Khaled Imam, Deputy Chairperson for Financial Inclusion; Hosny Mohamed Ali El Salamouni, Head of the Fatwa Department of the Ministries of Transport, Communications and Civil Aviation, and Vice-President of the State Council; Medhat El Madany, founder and President of Pro Mark Corporation Limited; Khaled Serry Seyam, former chairperson of the Egyptian Exchange; Ramy Abul-Naga, Deputy Governor of CBE; Nehal Kamal Hassanein, banking expert; Noha Adly, Advisor to the Minister for Research and Development Affairs; Mohamed Kafafi, Chairperson and Managing Director of the Egyptian Company for Credit Information I-Score; Essam El-Din Mohamed, banking expert; Omar El-Ghoneimy, architectural consultant and founder of El-Ghoneimy Accreditation Company Engineering Consultations; Mohamed Tarek Youssef, partner of Baker Tilly’s office – Egypt; and Gad Mohamed, head of the General Postal Syndicate.

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