ArabFinance: Mashreq Bank Egypt signed a partnership agreement with EgyCash, a firm incorporated by the Central Bank of Egypt (CBE), according to a November 27thstatement.
Under this cooperation deal, the bank will be able to capitalize on international standards for money transfer to boost its cash management value proposition.
Mashreq Bank aims to “improve turnaround time and reconciliation cycle along with guaranteeing a wider coverage throughout Egypt, using the most secured and effective solutions,” the bank noted.
EgyCash focuses on cash management services such as interbank cash movement, ATM replenishment, and fund collection from corporate customers.
The CBE reportedly established the cash management arm last October.
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