Banque du Caire joins the shareholding of IBAG, Western Union’s leading agent in Egypt, after taking a stake in Al Ahly Capital Holding – the investment subsidiary of the National Bank of Egypt and Banque Misr . This strategic partnership extends to participating banks’ existing remittance services for Egyptian expatriates and IBAG’s reach in receiving foreign remittances.
Banque du Caire’s decision to join IBAG brings the total share of the three banks to 40%, while the percentage of the original “Sarhank Group” shareholder remains at 60%. This is further testimony to the success recorded in receiving foreign remittances in US dollars and Egyptian pounds around the world.
IBAG has been Western Union’s leading agent in Egypt since 1995, providing distinctive services to over 2 million customers with a total of 2.7 million transfers worth USD 1.6 billion in 2021, through its ( 38) branches in Egypt, in addition to (106) branches of the National Bank of Egypt and Bank Misr.
Mohammed El Etreby, Chairman of Banque Misr, said: “We are proud of this partnership which further supports Egypt’s digital transformation agenda. The range of digital money transfer solutions offered by the company is in line with Banque Misr’s belief in the importance of financial inclusion. This further confirms our commitment to the guidelines of the Central Bank of Egypt to attract informal remittances within the banking sector. Banque du Caire joining this strategic partnership is a step towards increasing cash flow and foreign exchange in Egypt, especially remittances from Egyptians abroad.
El Etreby added that in light of Banque Misr’s extensive network and strong geographical footprint in all governorates, an agreement has been signed to provide the service through selected branches of Banque Misr. The service is available in 56 branches to date, with a future plan for expansion, increasing the company’s targeted customer base and efforts to integrate the informal remittance sector.
Hisham Okasha, CEO of the National Bank of Egypt and Al Ahly Capital Holding, said that this partnership comes within the framework of the National Bank of Egypt and its investment arm to support the country’s strategy. in terms of digital transformation, expressing its pride that Banque du Caire is joining this Partnership. “This addition contributes to increased foreign exchange flows and remittances from expatriate Egyptian workers, increasing the possibilities of attracting new categories of target customers to the banking sector through official methods of financial transfer.”
“The National Bank of Egypt continuously strives to understand the needs of customers in different categories in order to provide them with a range of products and services that meet their needs, contributing to financial inclusion and a less cash economy. “, confirms Okasha.
“The partnership with IBAG provides a platform for integration with the non-banking financial sector and is a step towards digital transformation. This partnership allows us to benefit from IBAG’s money transfer services, offering customers a quick and effortless method through any of the IBAG counters in the bank’s branch network. National Bank of Egypt customers can expect fast transfers and collections, distinctive exchange rates, and various banking services that support digital transformation. This includes opening accounts, purchasing certificates and deposits in addition to the bank’s digital banking services, such as e-wallets and internet banking,” says Okasha.
Tarek Fayed, Chairman and CEO of Banque du Caire, expressed the bank’s pride in joining this strategic partnership with IBAG, which is part of Banque du Caire’s ongoing efforts to support money transfer services. aligned with the orientation of the Central Bank of Egypt towards the integration of informal money. transfers to the banking sector and promotion of financial inclusion.
Fayed underlined that “this partnership facilitates the process of sending and receiving transfers for Egyptian expatriates and their families through the extensive network of Banque du Caire which extends from the Delta to Upper Egypt with a total of 248 agencies. This helps to increase currency flows, especially remittances from Egyptian expatriates. The service is planned to start with selected branches and will gradually be available throughout the bank’s network. This further strengthens our efforts to achieve financial inclusion while providing the best level of banking services to customers. We intend to strengthen the integration between IBAG and our subsidiaries within the strategic framework of Banque du Caire to develop and diversify the services provided to customers.
Moustapha Sarhank, Chairman of IBAG, said that “this step is a practical implementation of our strategic plan to direct informal transfers to the banking sector, where the target customer base will expand through a network of branches in the three largest banks in Egypt while offering their banking services.This drives financial inclusion and appeals to a large segment of society that does not deal with banks within the banking system.
Sarhank added that this step would not have been achieved without the support of the Central Bank of Egypt and its confidence in the company’s central role in increasing one of the main sources of state revenue. from foreign exchange by maximizing remittances from Egyptian expatriates. “We have witnessed unprecedented cooperation from the management, management and board of the bank. As part of our strategic vision, we are currently exploring digital solutions and trends in money transfers and mobile wallets, drawing on the global experience of Western Union and the know-how of our partners Bank Misr, National Bank of Egypt and Banque du Caire. Our main objective is to achieve financial inclusion, which will have a positive impact on the national economy.