MoneyGram International, Inc., a global leader in the evolution of digital P2P payments, recently announced a strategic partnership with Banque Misr, the largest and most established bank in Egypt. Industry sources confirmed that this partnership will empower millions of consumers in Egypt to receive finances at Banque Misr branches and connect to the global MoneyGram distribution network that spans over 200 nations and territories.
Egypt is currently the fifth largest market in inbound international remittances with about $31.5 billion reported in 2021. With one of the highest Compound Annual Growth Rates (CAGRs), analysts predict the country will advance to the third or fourth-largest market in the next few years.
This strategic partnership builds upon the strong momentum MoneyGram has developed in the Middle East market and further accelerates digital growth as the company expands its customer-centric capabilities to one of the largest inbound remittance countries in the world.
Mr. Mohamed El-Etreby- chairman of Banque Misr stated, “Our partnership with MoneyGram will enhance Banque Misr’s dedication to expanding customer access to banking services, by enabling individuals in Egypt to receive cross-border payments from relatives around the globe utilizing MoneyGram’s distribution network. Furthermore, this partnership will strengthen our financial inclusion efforts in Egypt by providing customers with a safe and affordable method to collect funds through Banque Misr’s numerous branches nationwide.”
Ahmed Aly, Head of MoneyGram the Middle East stated: “We’re excited to partner with Banque Misr as we continue to build upon our strong momentum and execute our strategy to invest in key receiving markets around the world. With one of the largest networks in Egypt and leading Omnichannel capabilities, we’re excited to collaborate with the largest banks in the country to enable millions of consumers to access to our leading customer-centric platform and global distribution network, with over 100 countries now digitally-enabled.”
In the same context, MR. Gamal stressed the importance of this partnership, highlighting that “BM has reached partnership of a significant importance with MoneyGram International, Inc., and such agreement will contribute to implementing a variety of BM’s strategic targets, among which are achieving sustainable growth and profitability, giving a boost to the financial inclusion initiative, offering unique and affordable banking services to our customers, as well as increasing foreign currency reserves.”
Ramzi Al Chakar, Regional Head at MoneyGram the Middle East stated: “Now that speed, reliability and convenience mean even more to consumers, we are enhancing our efforts to maximize growth in key receive corridors like Egypt. This new partnership with Banque Misr, as well as our strong existing relationships in Egypt, will help us greatly expand our network in the country so that customers can easily access our services and connect with their loved ones around the world.”
Banque Misr further added that they are continually enhancing their services to maintain its long-term success and ensure customer satisfaction. The bank’s values and business strategies always reflect its commitment to sustainable development and prosperity in Egypt.