The deal will expand MoneyGram’s presence in Egypt and give it access to Suez Canal’s large network of correspondent banks around the globe.
The bank will also connect with MoneyGram’s platform and offer customers new deposit services to give customers an enhanced experience.
“As we execute our digital transformation to lead the industry in the digital movement of money, a key strategic priority is expanding account deposit services in major international markets,” said Grant Lines, chief revenue officer at MoneyGram. “We’re excited about how this partnership with Suez Canal Bank will provide our customers in Egypt with cutting-edge capabilities that offer the industry’s best service.”
World Bank figures show that Egypt is ranked fifth in worldwide remittances, and the amount it received went up 17 percent in 2018 to $29 billion. Remittances made up 11.6 percent of the country’s GDP in 2018, and they are Egypt’s second-biggest source of out-of-country exchanges after exports.
“Partnering with MoneyGram, a global leader in cross-border peer-to-peer payments and money transfers, would benefit both institutions as we target to expand our share of the Egyptian remittances business by signing this agreement,” said Mahmoud Shehab, head of Financial Institutions at Suez Canal Bank.
The partnership will aid in more financial inclusion in the country as well as give MoneyGram customers the resources they need to be able to access their funds at any time, no matter where they are.
“MoneyGram is a market leader in digital innovation, offering money transfer services through a wide range of omnichannel solutions, including a leading mobile app, debit card deposit, and digital wallet capabilities,” according to the release. “With a physical and digital distribution network in over 200 countries and territories, MoneyGram will be able to provide Egyptians living abroad with a fast and convenient way to send money back home to family and loved ones.”