International Business Associates Group for Money Transfer Services, S.A.E. (IBAG) recorded a total of $1.65bn worth of transfers in 2022 with a 7% growth rate compared to 2021, reflecting the success of the company’s latest transformation and modernization strategy.
IBAG, the official and oldest agent of Western Union in Egypt since 1995, revealed that the number of transfers from Egyptians abroad reached 2.8 million, disbursed to more than 800,000 clients.
The company said in a statement, that with such growth, along with its future plans, remittances via IBAG are expected to reach a value of $3.5bn in 2025, doubling the company’s share in the Egyptian market over the course of the next three years.
According to the company, it achieved a growth rate of 7% in its business in 2022 compared to 2021.
Mustafa Sarhank, Executive Chairperson of IBAG, said that 2022 was a pivotal year for IBAG.
“As we restructured and continually modernized the company’s business models to be more effective, dynamic, and efficient, IBAG put emphasis on the importance and strength of its digital platforms and its hybrid go-to-market approach.”
He added that as IBAG stresses the criticality of continuously availing its services through its classical outlets – its own and through its partner banks – IBAG is focused on keeping pace with technological developments.
“This is realized by updating its digital capabilities, and investing in technological, secured and scalable infrastructure that allows it to be closer to its clients’ base by interconnecting with banks with an intention of facilitating expatriates’ transfers,” said Sarhank.
bd Allah El Sada, IBAG’s Chief Executive Officer said that with Banque du Caire becoming a recent shareholder in the company, joining their partners the National Bank of Egypt and Banque Misr, IBAG is currently awaiting the approval of the Central Bank of Egypt for Banque du Caire to immediately provide IBAG’s service as a sub-agent in 2023.
As a first phase, this would be offered through 25 branches and complemented by 75 branches to follow.
This would bring the total number of Banque du Caire branches providing the service of IBAG/Western Union money transfer to 100 branches.
El Sada said that IBAG intends to launch its application during the first quarter of 2023, after obtaining the approval of the Central Bank of Egypt, with the purpose of facilitating the process of transferring money through the company’s branches or through its employees’ presence located in banks.
Equally, El Sada added that “the company is collaborating with Banque Misr to simplify the money transfer services and enabling it among all electronic wallets and bank accounts across the country,” El Sada stressed that enhancing the company’s technological infrastructure is a vital pillar on IBAG’s 2023 corporate growth agenda.