Cairo: MoneyGram International, Inc. (NASDAQ: MGI), the global leader in the evolution of digital P2P payments, today announced a strategic partnership with Banque Misr, the largest and most established bank in Egypt. The partnership will enable millions of consumers in Egypt to receive money at Banque Misr branches and connect to the global MoneyGram distribution network that spans over 200 countries and territories.
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.”
“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,” said Ahmed Aly, Head of MoneyGram the Middle East. “With one of the largest networks in Egypt and leading Omni channel capabilities, we’re excited to collaborate with the largest banks in the country to enable millions of consumers access to our leading customer-centric platform and global distribution network, with over 100 countries now digitally-enabled.”
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 Rate (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.
In the same context, MR. Gamal stressed on 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.”
“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,” said Ramzi Al Chakar, Regional Head at MoneyGram the Middle East. “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 is continually enhancing its 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.
Banque Misr is dedicated to providing financial products and services that cater to the diverse needs of its customers utilizing state-of-the-art technologies.
About MoneyGram International, Inc.
MoneyGram is leading the evolution of digital P2P payments. With a purpose-driven strategy to mobilize the movement of money, a strong culture of fintech innovation, and leading customer-centric capabilities, MoneyGram has grown to serve nearly 150 million people around the world over the last five years.
The Company leverages its modern, mobile, and API-driven platform and collaborates with the world’s leading brands to serve consumers through MoneyGram Online (MGO), its direct-to-consumer digital business, its global retail network and its emerging embedded finance business for enterprise customers, MoneyGram as a Service.
About Banque Misr
Banque Misr (BM) was established in 1920 in line with the vision of the pioneer economist, Mohamed Talaat Harb Pasha. BM is the first bank to be wholly owned by the Egyptians. Banque Misr has established many businesses operating at various sectors. Currently, BM owns shares in 157 companies on various sectors.
Banque Misr has also established major investment funds in Egypt, as part of its strategy related to diversified investment portfolio. Banque Misr won first place for arranging syndicated loans in the Egyptian banking sector as at Q3 – 2021, according to Bloomberg.
The bank owns more than 750 electronically integrated branches nationwide to provide the best and most accessible services to customers. This is in addition to its regional and international presence, which includes its five branches in the United Arab Emirates and one in France. Furthermore, the bank’s international presence extends to a network of subsidiaries in Lebanon and Germany, as well as representative offices in China, Russia, South Korea and Italy and a global network of correspondent branches all over the world.