EzRemit Expands Network in North Africa in Tie-Up with United Bank of Egypt (UBE)

EzRemit Expands Network in North Africa in Tie-Up with United Bank of Egypt (UBE)
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Published September 5th, 2010 - 12:20 GMT

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BFC Group Holdings
,
The United Bank of Egypt
,
Bahrain Financing Company
,
Ebrahim Nonoo
,
World Bank
EzRemit (EzR), a leading provider of reliable money transfer services using state-of-the-art web based technology, has signed a strategic partnership with United Bank of Egypt (UBE), the third largest bank in Egypt. EzRemit is part of BFC Group Holdings which also owns Bahrain Financing Company (BFC), the Kingdom of Bahrain’s oldest and 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 been able to carve a niche in the remittance market due to its fast and reliable services, matched with competitive rates. The expansion is part of EzRemit’s ambitious geographical growth plan, with UBEs 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 $7.8 billion estimated for 2009. Mr.Mohamed Ashmawy, Chairman of UBE said that UBE has made rapid progress, and is now one of the country’s most recognisable banks, heavily involved in the remittance market worldwide with continuous support from their branches. Mr. Ebrahim Nonoo, Managing Director and CEO 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.” The United Bank of Egypt with 43 branches countrywide has an unparallel reach throughout the country, serving various sectors of clients to meet all their financial and banking needs. The inclusion of UBE as an EzRemit global partner will help to firmly establish EzRemit as a leading money transfer operator with a strong global footprint.

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