Mobilink to Start Mobile Banking This Month: Naguib

As we anticipated, Mobilink is planning big for mobile banking in Pakistan. Today, as an evidence, we got this news from group headquarters, Cairo, as Reuter quoted Naguib Sawiris, Chirman Orascom saying that group will launch a mobile banking operation in Pakistan this month and list shares in two North African subsidiaries by early 2010.

“Tunisia will happen definitely this year and Algeria, I believe, will take longer, it might happen beginning of next year,” Naguib Sawiris said, adding that offers of 20-30 percent of the operations would raise cash that could be used for acquisitions.

OT said the planned mobile banking operation in Pakistan would be the first of its kind.

“We are going to announce very soon, before the end of the month, we are going to launch our first real offering on mobile banking,” Sawiris said.

Mobilink’s business relation with Pakistan Post, Western Union, and now it is likely to buyout RBS Bank – makes it well placed to handle the market without much competition. However, we know that Telenor is also stepping in the mobile banking, but having a stand alone unit with IPO would definatly make the difference for Mobilink.

Via Reuters

  • Ltd feature videos

    Watch more at LTD