Commenting on the expansion, Mr. Ebrahim Nonoo, Managing Director and CEO of BFC Group Holdings said, “As one of the most developed economies in North Africa, Egypt has seen a remarkable surge in remittance flows in recent years making it a key market for us. The strategic partnership with Banque du Caire is a key part of our vision to increase our global footprint over the next five years. The expansion not only supports our customer base in Egypt but across the fast emerging markets of Middle East and North Africa where remittance flow is estimated to reach $40 billion in 2012.”
“As our valued partner, we are confident that Banque du Caire’s strong presence across Egypt, combined with EzRemit’s fast and reliable services will provide the Egyptian community with convenient inward remittance from around the world,” he added.
Established in the middle of the 20th century, Banque du Caire is one of the most easily accessible banking establishments in Egypt, providing the highest level of banking services for over fifty years. Banque Du Caire provides SMS services to beneficiaries and is available 24/7 on their Call Center (16990).
EzRemit’s expansion in the country is driven by the projected growth for Egypt’s remittance industry. With more than three million Egyptians working abroad mainly in Saudi Arabia, the Persian Gulf and Europe, Egypt ranks as one of the top ten receiving countries in the world. According to statistics revealed by World Bank remittance flow in Egypt has increased from $3.6bn in the second half of 2009 to $6.2bn in the first half of 2010.
Commenting on the agreement, Mr Mohammed Kafafi, Vice Chairman and Cheif Executive Officer of Banque du Caire said, “We are pleased to add EzRemit’s services to our network to support the growing remittance demands of the country. As the preferred partner to EzRemit, we look forward to building value through customer satisfaction, quality, and commitment by consistently producing efficient superior results.”
Under the terms of the agreement, an instant money transfer facility will be available to receivers in Egypt from across the globe. The service will be available to Banque du Caire account holders and also cash payments to receivers who are not account holders with the bank.
In Bahrain, EzRemit’s money transfer services can be availed at any of BFC’s twenty five, strategically located shops in the Kingdom. In addition to BFC, other agents providing EzRemit services to send remittance to Egypt and across the globe include Arab Exchange Company (AREXCO), Bahrain India International Exchange Co.BSC and BEX Money Bahrain Express Exchange.
Launched in 2003, with a mission to provide fast, affordable and secure remittance service to customers, EzRemit has been able to carve a niche in the remittance market due to its fast and reliable services, matched with competitive rates. EzRemit has over 700 remittance centres in over 51 countries, with more than 23,500 locations.
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