FAB Egypt signs financial inclusion MoU with postal service

First Abu Dhabi Bank (FAB) Egypt will work with the postal service to provide financial services after signing an MoU with the National Postal Authority, Al Shorouk reports. The services include using post office branches to disburse remittances from Egyptians working abroad, the collection of dues owed to the bank’s clients through the post office’s prepaid cards, and making credit card payments at post office branches, the authority’s chairman, Sherif Farouk, said. With more than 24 mn clients, EGP 220 bn in deposits and branches all around the country, the postal service is one of the nation’s largest providers of financial services and a potentially lucrative opportunity for private-sector players.