Central Bank of Egypt sets up new cash management company with banks

STARTUP WATCH- CBE, state-owned banks found cash-management company: The Central Bank of Egypt (CBE) and state-owned Banque Misr, Banque du Caire, and the National Bank of Egypt have set up a new cash management company, EgyCash, to offer money transfer and ATM stocking services, according to a statement carried by Hapi Journal. The CBE will hold 35% of EgyCash, with the remaining stakes split between the three banks. The company will operate across the entire country, with a focus on rural and remote areas.