EzRemit (EzR), a provider of money transfer services using web based technology, has entered into a strategic partnership with United Bank of Egypt (UBE) to expand its network in North Africa.
The expansion is part of EzRemit’s geographical growth plan, with UBEs branch network adding 38 locations throughout Egypt.
EzRemit, part of BFC Group Holdings which also owns Bahrain Financing Company (BFC), said that the partnership is being driven by the growth potential projected for the local remittance industry. Egypt is ranked among the top 10 receiving countries in the world by the World Bank.
BFC Group Holdings managing director and CEO Ebrahim Nonoo said that despite the economic crisis EzRemit is still actively expanding its service network, and this tie up in Egypt is an important part of the company’s vision to increase presence across regional and global markets.
“EZ Remit will give UBE’s customers a more cost effective means of transferring money to Egypt, and will also make money transfer accessible to those who don’t have a bank account through EzRemit’s instant cash service,” Nonoo said.