Banque du Caire, in partnership with IBAG, the official agent of Western Union in Egypt since 1995 and a leader in the money transfer sector, announces the launch of their first phase of services through 20 branches of Banque du Caire. This initiative enables the receipt of money transfers in US dollar and the Egyptian pound.
This strategic collaboration aims to attract and engage new customer segments from various social groups, supporting the financial inclusion initiative and diversifying foreign currency sources within the banking sector.
Tarek Fayed, Chairman and Managing Director of Banque du Caire, stated that the introduction of Western Union’s money transfer service through the branches, in collaboration with IBAG a strategic move to enhance remittance inflows from Egyptians working abroad.
This initiative is consistent with the Central Bank of Egypt’s direction to integrate the informal remittance sector into the banking system and promote financial inclusion. He highlighted that this partnership will facilitate the process for the Egyptians abroad to send remittances to their families in in all over Egypt through Banque du Caire branches, which is expected to positively impact the state’s economy by increasing foreign currency inflows.
Baha El Shafie, Executive Vice President of Banque du Caire, expressed his enthusiasm for collaborating with IBAG to provide Western Union’s money transfer services through Banque du Caire branches. He affirmed that this step enhances opportunities to attract new target customer segments to the banking sector by facilitating financial transfers through official channels. This supports the bank’s continuous efforts toward financial inclusion and delivering exceptional banking services to customers. The bank plans to further enhance cooperation with IBAG in various areas in the future.
Dr. Moustapha Sarhank, Executive Chairman of IBAG, stated, “The company’s strategy aligns with the Central Bank’s vision to support and elevate the Egyptian economy, which is reinforced by IBAG’s partnership with Banque du Caire, given the bank’s long history, customer trust, and esteemed reputation in the Egyptian banking sector.”
Mr. Abd Allah El Sada, Chief Executive Officer (CEO) of IBAG, added, “This partnership helps achieve the objectives of both IBAG and Banque du Caire. The service will expand to cover new geographical areas, allowing us to reach new customer segments and meet their financial needs. This expansion is expected to increase dollar inflows in government banks from workers abroad, positively impacting the country’s economy.”
It is noteworthy that in September 2022, Banque du Caire became a shareholder in IBAG, the official agent of Western Union in Egypt, by acquiring a stake from Al Ahly Capital Holding – the investment arm of the National Bank of Egypt – and Banque Misr. The shareholder structure of IBAG now includes the Sarhank Group with 60% of the shares, the National Bank of Egypt with 15%, Banque Misr with 15%, and Banque du Caire with 10%. IBAG provides its services through 38 branches of its own, in addition to 126 branches in the National Bank of Egypt, Banque Misr, and Banque du Caire.