MoneyGram announces the signing of a strategic partnership with Banque Misr to provide the service to receive money transfers to Egypt through its network of branches

Cairo: MoneyGram International (NASDAQ: MGI), one of the leading money transfer companies around the world, has announced the conclusion of a cooperation agreement with Banque Misr, one of the largest and most prestigious financial institutions in Egypt, according to which it will provide millions of MoneyGram. customers in 200 countries around the world to send their overpayments to be received by their families from the network of Banque Misr branches located across the Republic.

Mr. Mohamed El-Etreby, Chairman of the Board of Banque Misr, said: “Our partnership with the international company MoneyGram comes within the framework of the bank’s zeal to facilitate individuals in Egypt to receive their money transferred by their family members living in working abroad. through the MoneyGram branches spread around the world, and they provide a safe, convenient and affordable way to receive funds, through a number of Banque Misr branches located around the world.

Ahmed Ali, president of MoneyGram Middle East, in turn said: “We are excited to work with Banque Misr as a key step in our plan to invest in markets that attract overpayments around the world.” He continued, “With one of the largest networks in Egypt and the capabilities of our multi-channel and world leader, we are We are excited to partner with one of the largest banks in Egypt to enable millions of customers to access to our leading platforms, with more than 100 digitally activated countries. ”

Egypt is currently regarded as the fifth largest attractive market for overpayments in the world, as the volume of incoming overpayments to Egypt amounted to about $ 31.5 billion, according to reports for the year 2021. With one of the highest annual growth rates for incoming overpayments, analysts expect Egypt to rise to fourth or third place as the largest attractive market for remittances worldwide over a period of several years. This strategic partnership contributes to the momentum that MoneyGram has recently seen in the Middle East, as well as to take advantage of the capabilities of the digital MoneyGram platforms, which have recently seen rapid growth around the world in supporting one of the largest receipt markets for overpayments in the world.

In a related context, Mostafa Gamal, Chief Financial Officer and correspondent at Banque Misr, said that the strategic partnership between our bank and MoneyGram International is of qualitative importance as it contributes to serving many of our bank’s strategic objectives, including sustainable growth. and profitability, and activating the financial inclusion initiative. Providing excellent customer service at the lowest cost. . As well as increasing sources of income in foreign currency.

“With the increasing importance of speed, reliability and facilitating services to customers, we are relying on efforts to maximize growth in key receiving markets such as the Egyptian market,” said Ramzy El Shukr, Regional Head of MoneyGram Middle East. “Our new partnership with Banque Misr will, in addition to our existing relationships, In Egypt, support MoneyGram’s efforts to significantly expand our network in this important market, contributing to accessing MoneyGram’s service to the consumer easily and them with their connect loved ones around the world.

Banque Misr strives to improve the excellence of its services, maintain its long-term success and actively participate in services that meet the needs of its customers, as Banque Misr’s work values ​​and strategies always reflect the bank’s commitment to sustainable development . and the prosperity of Egypt.

Banque Misr always strives to provide and develop all financial services and products that meet the diverse needs of customers using the latest technology.

#companydata

– is over –

About MoneyGram International:

MoneyGram is a global company in the field of money transfer and payment provision in innovative ways around the world, enabling consumers to communicate financially with their families and friends through the Internet, mobile phones, automated payment kiosks or through its network of local branches spread in 200 countries around the world, with more than 100 a country currently digitally activated.

MoneyGram leverages its advanced digital platforms to partner with leading global brands to serve millions of people around the world annually through the traditional retail network clients and advanced digital service sectors.

For more information on MoneyGram, please visit the company’s website, moneygram.com

About Banque Misr:

Banque Misr was founded in 1920 thanks to the thought of economic pioneer Mohamed Talaat Harb Pasha, and it is the first Egyptian bank to be established and 100% owned by Egyptians. Since its inception, Banque Misr has established many companies in various fields, and the bank currently owns a large percentage of shares in about 157 companies in various fields.

Banque Misr has established very large investment funds as part of the diversified investment portfolio policy. In addition, Banque Misr achieved first place in the Egyptian banking market in the line of syndicated loans until the end of the third quarter of 2021, according to Bloomberg International.

Banque Misr also has a branch network of more than 750 branches that are electronically connected and distributed throughout the republic to provide the easiest and best services to customers, in addition to its global and regional presence through the presence of five branches in the UAE and a branch in France, in addition to branches of affiliated banks in each of Lebanon and Germany, as well as representative offices in China, Russia, South Korea and Italy, in addition to a network of correspondents affiliated with the Bank throughout world.

For more information on Banque Misr, please visit the bank’s website

www.banquemisr.com

Leave a Comment