Xpress Money Expands Product Portfolio in Egypt
In a significant initiative to bolster remittance channels to Egypt, Xpress Money, one of the most dependable global money transfer brands today announced an enhanced portfolio of services in the country. With the launch of cash to account and cash to home services, Xpress Money aims to offer the Egyptian Diaspora more dependable avenues to send money home to their kith and kin.
In a statement, Xpress Money said the value-added services are being offered in Egypt as part of its strategic vision to bolster its presence in the Middle East and North Africa (MENA) region. As the 6th largest recipient of global remittances, Egypt is one of the strongest remittance markets according to the World Bank Migration and Development Brief.
Mr. Pushpak Damania – Head, Business Development for MENA AFPAK, Xpress Money said: “Egypt is a focus market for Xpress Money in the MENA region. With remittances from over 6 million Egyptian expatriates that reside abroad, the market is developing at a rapid pace and we need to keep pace with it. The new services are being offered in the context of providing hassle-free and efficient money transfer facilities to Egyptian families for whom remittances from migrant workers are one of the lifelines.”
The account credit service in Egypt is being offered in partnership with The United Bank, majority owned by the Central Bank of Egypt. Through this facility Egyptian expatriates will be able to credit money directly into their beneficiary’s bank account, no matter if they are a customer of The United Bank or not. For a nominal service fee, The United Bank will help route the remittance to any bank account holder within Egypt.
Significantly, the cash to home delivery is a unique service in Egypt entailing Xpress Money agents delivering cash sent by expatriates to their families from door to door. This will be facilitated by Xpress Money through The United Bank across Egypt. The money transfer brand has close to 500 agent locations across the country, a growing network poised to touch 1,000 in the next two years.
“The need to offer new channels comes in the context of the growth in remittances to Egypt which touched an estimated US$18 billion in 2012 according to the World Bank. Standing at the 6th highest receiver of remittances, Egypt comes in very close to the Philippines and Mexico which came in third and fourth with US$24 billion, followed by Nigeria at US$21 billion,” Mr. Damania said.
Elaborating on the new services, he said that the account to credit service will be available with all banks in Egypt. Customers need to provide the name of the bank and branch along with account holder’s name and account number for a valid transaction. The transaction will be credited within a day if the beneficiary has The United Bank account and within 24 hours if the beneficiary’s branch is in Cairo and within 48 hours for other city branches.
The door to door service will be available for all cities in Egypt. Beneficiary address and contact number is mandatory and money will be delivered within 24 hours if the beneficiary is in Cairo and in 48 working hours for other cities in Egypt.
