Orascom Telecom, the Egyptian wireless group with operations across seven countries including Egypt, Algeria and Tunisia, plans to launch a new company offering banking services to its 70 million customers. Speaking to the Financial Times, chairman Naguib Sawiris said the new company would offer customers the chance to use their mobiles to access banking services, including money transfer. Mobile banking is expected to become an important revenue source for cellcos in emerging markets, where many people do not have conventional bank accounts because charges can be high and retail banking branches scarce.
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