Banque du Caire and IBAG Money Transfer Services, the official agent of Western Union International in Egypt since 1995 and a pioneer in the money transfer sector, announced the launch of the first phase of the company’s services through 20 branches of Banque du Caire and the availability of receiving and disbursing incoming transfers in dollars and Egyptian pounds.
The importance of the partnership comes to target attracting and attracting new segments of customers from all segments of society to support the financial inclusion initiative and diversify sources of foreign currency within the banking sector.
Tarek Fayed, Chairman and CEO of Banque du Caire, stressed that launching the Western Union remittance exchange service through the bank’s branches through our partnership with E-Pay comes within the framework of the bank’s ongoing efforts to increase the volume of remittances from Egyptians working abroad, which is in line with the directives of the Central Bank of Egypt towards integrating the informal remittance sector into the banking sector and enhancing financial inclusion, pointing out that this partnership contributes to facilitating Egyptians abroad to send their remittances to their families inside Egypt through Banque du Caire branches throughout the country, and is also a step towards increasing foreign cash flows, which positively reflects on the country’s economy in general.
In the same context, Bahaa El Shafei, Executive Vice Chairman of the Bank, welcomed the cooperation with IBAG in disbursing Western Union remittances through Cairo Bank branches, stressing that this step increases the chances of attracting new categories of targeted customers to the banking sector, by conducting financial transfers through official means, which is in line with the Bank’s ongoing efforts to support financial inclusion goals and provide the best level of banking services to customers. The Bank also intends to enhance cooperation with IBAG during the coming period in many other areas. In this context, Dr. Mustafa Serhank, Executive Chairman of IBAG, said: “The company’s strategy is in line with the Central Bank’s vision to support and advance the Egyptian economy, and this is what IBAG’s partnership with Cairo Bank reinforces, given the bank’s long history, customer confidence, and distinguished name in the Egyptian banking sector.” For his part, Mr. Abdullah Al-Sada, Managing Director of IBAG, said, “This partnership contributes to achieving the goals of the company and Banque du Caire, as the scope of the service will be expanded to include new geographical areas, allowing us to reach a new segment of customers and meet their financial needs. This is expected to increase the dollar proceeds in government banks from expatriates, and thus will have a positive impact on the country’s economy in general.” It is worth noting that Banque du Caire decided in September 2022 to join the shareholders of IBAG, the agent of Western Union in Egypt, and purchased a stake from both Al-Ahly Capital Holding Company – the investment arm of the National Bank of Egypt and Banque Misr, so that the shareholder structure in IBAG consists of Serhank Group, which owns 60% of its shares, the National Bank of Egypt 15%, Banque Misr 15%, and Banque du Caire 10%. It provides its services through 38 branches of IBAG, in addition to 126 branches of the National Bank of Egypt, Banque Misr, and Banque du Caire.
