The money transfer services would support the wider economy of Egypt, through enabling Agricultural Bank of Egypt customers to receive currency in either US dollars or euros
Image: MoneyGram will provide money transfer services for consumers in Egypt. Photo: Courtesy of Capri23auto from Pixabay.
US-based money transfer services provider MoneyGram has collaborated with Agricultural Bank of Egypt (ABE) to provide money transfer services at the bank’s 1,210 branches across Egypt.
MoneyGram said that the bank has already started using its money transfer services at select locations and is planning to expand the services to include all branches across the country.
ABE chairperson ElSayed ElKosayer said: “Through this partnership with MoneyGram, we can reach out to Egyptian workers abroad and provide them with a convenient method of transferring funds to their families and contributing to Egypt’s hard currency reserves.
“Also, by leveraging MoneyGram’s global expertise in compliance – and in combating activities such as money laundering, terrorism financing and fraud – we can develop our capabilities in these key areas and offer our customers safer and more secure transactions.”
MoneyGram will provide money transfer services for customers in Egypt
The money transfer services would support the wider economy of Egypt, by enabling ABE customers to receive currency in either US dollars or euros.
According to the World Bank, Egypt is the fifth-biggest recipient of international remittances across the globe, with a 17% increase to $29bn (£23.5bn).
In addition, remittances accounted for 11.6% of Egypt’s GDP in 2018 and represent the second-largest source of foreign exchange after exports.
MoneyGram said that it provides affordable and convenient money transfer services to serve consumers in Egypt and around the world, and through ABE branches, MoneyGram would reach more consumers in Egypt through a trusted bank partner.
The money transfer services firm claims that it has more than 350,000 agent locations in more than 200 countries and provides money transfer services through a range of channels including physical locations, online and mobile app.
MoneyGram chief revenue officer Grant Lines said: “This partnership is a demonstration of our commitment to the Egyptian market and to helping Egyptian workers abroad send money back home to loved ones. We look forward to collaborating with ABE and combining our expertise to strengthen our customer offerings.”