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 Cairo. ‘Egypt. The partnership will enable millions of consumers in Egypt to receive money at Bank Misr branches and connect to the global MoneyGram distribution network that spans more than 200 countries and territories.
Mr. Mohamed El-Etreby, Chairman of Banque Misr, said: “Our partnership with MoneyGram will reinforce Banque Misr’s commitment to expanding customer access to banking services, enabling individuals in Egypt to receive payments cross-border from parents around the world using MoneyGram distribution. network. Additionally, this partnership will strengthen our financial inclusion efforts in Egypt by providing customers with a safe and affordable method to raise funds through the many branches of Banque Misr across the country.
“We are delighted to partner with Banque Misr as we continue to build on our strong momentum and execute our investment strategy in key receiving markets around the world,” said Ahmed Aly, head of MoneyGram Middle East. East. “With one of the largest networks in Egypt and leading Omni channel capabilities, we are thrilled to partner with the country’s largest banks to enable millions of consumers to access our leading platform. customer-centric and to our global distribution network, with more than 100 countries.now digital ready.
Egypt is currently the fifth largest inbound international remittance market with around $31.5 billion reported in 2021. With one of the highest compound annual growth rates (CAGR), analysts predict the country will grow to the third or fourth largest market in the next few years. . This strategic partnership builds on the strong momentum MoneyGram has built in the Middle East market and further accelerates digital growth as the company expands its customer-centric capabilities to one of the largest money transfer countries. entering the world.
In the same context, Mr. Gamal underscored the importance of this partnership, noting that “BM has entered into a significant partnership with MoneyGram International, Inc., and such an agreement will contribute to the implementation of a variety of BM’s strategic objectives. , among which are achieving sustainable growth and profitability, boosting the financial inclusion initiative, providing 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 strengthening our efforts to maximize growth in key receiving corridors like Egypt,” said Ramzi Al Chakar, regional manager at MoneyGram for the Middle East. “This new partnership with Banque Misr, along with our existing strong relationships in Egypt, will help us significantly expand our network in the country so clients can easily access our services and connect with loved ones around the world.”
Banque Misr continuously improves its services to sustain its success and guarantee the satisfaction of its customers. 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 meet the diverse needs of its customers using state-of-the-art technologies.
About MoneyGram International, Inc.
MoneyGram is leading the evolution of P2P digital payments. With a focused strategy to mobilize the movement of money, a strong culture of fintech innovation, and industry-leading customer-centric capabilities, MoneyGram has grown to serve nearly 150 million people worldwide over the last five years.
The company leverages its modern, mobile, API-driven platform and works with the world’s leading brands to serve consumers through MoneyGram Online (MGO), its direct-to-consumer digital business, global retail network and its emerging integrated financing business for corporate customers, MoneyGram as a Service.
For more information, visit ir.moneygram.com and follow @MoneyGram.
About Banque Misr
Banque Misr (BM) was established in 1920 in accordance with the vision of pioneering economist, Mohamed Talaat Harb Pasha. BM is the first 100% Egyptian-owned bank. Banque Misr has created many companies operating in various sectors. Currently, BM owns shares in 157 companies in various sectors.
Banque Misr has also established significant investment funds in Egypt, as part of its diversified investment portfolio strategy. Banque Misr won the top spot for arranging syndicated loans in the Egyptian banking sector in Q3 – 2021, according to Bloomberg.
The bank has over 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. In addition, 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 corresponding branches all over the world.
For more information, visit the BM website: www.banquemisr.com