US-based money transfer MoneyGram and Suez Canal Bank have partnered to facilitate money transfers into Egyptian bank accounts. Suez Canal Bank is the world’s fifth largest recipient of remittances to receive money directly from bank accounts.
The partnership will strengthen MoneyGram’s presence in Egypt. Also, Suez Canal Bank will link to MoneyGram platform to offer new account deposit services to customers.
Grant Lines, Chief Revenue Officer at MoneyGram, said in a statement, “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. 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.”
According to World Bank data, Egypt ranked fifth in worldwide remittances. The amount received rose 17 percent to $29 billion in 2018. During that period, remittances accounted for 11.6 percent of the country’s GDP, a press release said.
Remittances are Egypt’s second largest foreign exchange source after exports. Suez Canal Bank is a joint stock company and a leading financial institution in Egypt.
MoneyGram is a global leader in cross-border payments and money transfers in more than 200 countries. MoneyGram is digitally enabled in 65 of those countries. The partnership between MoneyGram and Suez Canal Bank will boost financial inclusion and increase customers access to funds in Egypt.
MoneyGram recently partnered with Abu Dhabi-based Lulu Financial to expand its business into Southeast Asia and Oman, a media report said.