Today: 5 May 2025
6 May 2022
2 mins read

MoneyGram International partners with Banque Misr

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…reports Asian Lite News

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.

ALSO READ: UAE ministry recognises work of regional head of Mission to Seafarers

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.

Previous Story

Lebanon Gears Up For Polls

Next Story

Forbes Middle East unveils annual ranking of women behind Middle Eastern brands 2022

Latest from Arab News

UAE Reopens Doors to Lebanon

The prime minister expressed Lebanon’s “utmost gratitude and appreciation to the UAE” and President Sheikh Mohamed bin Zayed Al Nahyan….reports Asian Lite News Lebanon welcomed the decision by the United Arab Emirates

SYRIA RAIDS: Arab League Slams Israel

The Arab League condemned the airstrikes and called on the international community and the United Nations to confront what it described as “repeated violations committed by Israel against the Syrian state.” The

Abu Dhabi, Beirut Reconnect 

A key highlight of Aoun’s visit to UAE was the agreement to ease travel restrictions between the two countries — a move set to facilitate the movement of citizens and promote closer

ATM 2025 sets new standard 

The global event drew over 55,000 travel and tourism professionals from 166 countries, marking a 16% year-on-year increase in attendance and cementing Dubai’s role as a key hub for shaping the future

Iran Calls on India to Break Sanctions Barrier 

Calls grow louder from Iran’s industry leaders for India and international bodies to mediate financial and shipping barriers imposed by Western sanctions.  Top Iranian manufacturers are appealing to India and global organisations
Go toTop

Don't Miss

US pledges funding to help Egypt move to solar power

Egypt is “blessed to be the number one country in

Dubai Customs foils bid to smuggle 1.5 tonnes of captagon

Authorities at Dubai Customs’ Jebel Ali and Tecom Centre thwarted