Al Ansari Exchange, a provider of worldwide remittance and foreign exchange services, is partnering with the National Bank of Egypt (NBE), to expand its network of correspondent banks and agents worldwide.
The company said in a statement that its focus on Egypt is “driven by the growth potential projected for the local remittance industry.”
Egypt ranked as among the top 10 leading money transfer destinations across the globe according to statistics released by the World Bank, registering $8.7 billion in total cash transfers in 2008, an estimated $7.8 billion in 2009, and a projected growth of over six per cent for the current fiscal year, the statement read.
Egypt-bound remittances from the UAE have been rising over the years, with the growing number of Egyptian residents in the emirates. The UAE has also seen significant growth in money transfer transactions originating from Egypt.
The inclusion of NBE to Al Ansari Exchange’ partners is expected to strengthen its line-up of remittance and foreign exchange services offered to Egyptian nationals as well as Egyptian expatriates who regularly send money to their home country.
Established in 1898 with a capital of LE 1 million, NBE currently controls a 40 percent share of the credit and debit card market in Egypt, and ranked as the 29th bank with the highest total assets.
