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EzRemit signs key agreement with Egypt bank.

MANAMA: EzRemit has signed a strategic partnership with United Bank of Egypt (UBE), the third largest in Egypt.

EzRemit is part of BFC Group Holdings which also owns Bahrain Financing Company (BFC), the kingdom's oldest and leading money transfer and foreign exchange group.

The expansion is part of EzRemit's ambitious geographical growth plan, with UBE's large branch network adding 38 locations throughout Egypt.

The partnership is being driven by the growth potential projected for the local remittance industry, with Egypt ranking among the top 10 receiving countries in the world, according to the World Bank, with $8.7 billion received in 2008 and $7.8bn estimated for 2009.

"Despite the economic crisis, EzRemit is still actively expanding its service network, and this tie-up in Egypt is an important part of our vision to increase our presence across regional and global markets," said BFC Group Holdings managing director and chief executive Ebrahim Nonoo.

"EzRemit will give UBE's customers a more cost-effective means of transferring money to Egypt, and will also make money transfer accessible to those who don't have a bank account through EzRemit's instant cash service," he added.

UBE, with 43 branches countrywide, serves various sectors of clients to meet all their financial and banking needs.

The inclusion of UBE as an EzRemit global partner will help firmly establish EzRemit as a leading money transfer operator with a strong global footprint.

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Publication:Gulf Daily News (Manama, Bahrain)
Date:Sep 8, 2010
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