EzRemit (EzR), a leading provider of money transfer services using state-of-theart, web-based technology, has signed a strategic partnership with United Bank of Egypt (UBE).
EzRemit is part of BFC Group Holdings, which also owns Bahrain Financing Company (BFC), the Kingdom of Bahrain’s oldest leading money transfer and foreign exchange group.
Launched in 2003, with a mission to provide fast, affordable and secure remittance service to customers, EzRemit has carved a niche in the remittance market and the expansion is part of its 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 $8.7bn received in 2008 and $7.8bn estimated for 2009.
Mohamed Ashmawy, chairman of UBE, said that UBE had made rapid progress, and was now one of the country’s most recognisable banks, heavily involved in the remittance market worldwide with continuous support from its branches.
Ebrahim Nonoo, managing director and chief executive officer of BFC Group Holdings, commented, “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. EZ Remit 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.”