Banque du Caire, in collaboration with IBAG (the official agent of Western Union in Egypt since 1995), has announced the launch of Western Union remittance services in 20 branches. This service allows customers to receive remittances in both USD and EGP.
The partnership aims to attract diverse customer segments, supporting financial inclusion and diversifying foreign currency sources within the banking sector.
Tarek Fayed, Chairperson and CEO of Banque du Caire, highlighted that this initiative aligns with the bank’s ongoing efforts to increase remittances from Egyptians working abroad. By integrating informal remittance channels into the formal banking sector, the bank contributes to financial inclusion and positively impacts the overall economy.
Baha El Shafei, Executive Vice Chairperson of Banque du Caire, emphasized the bank’s commitment to promoting financial inclusion and providing top-tier services. The bank plans to strengthen its cooperation with IBAG in various other areas.
Moustapha Sarhank, the Executive Chairperson of IBAG for Money Transfer Services, (Western Union agent in Egypt), mentioned that the partnership reinforces the Central Bank’s vision of supporting the Egyptian economy. The collaboration with Banque du Caire, a trusted name in the banking sector, plays a crucial role in achieving these goals.
Abd Allah El Sada, CEO at IBAG Money Transfer Services, added that the service expansion to new geographical areas will broaden the customer base and increase dollar inflows to government banks from expatriates, positively impacting the country’s economy.
In September 2022, Banque du Caire became a shareholder in IBAG by purchasing shares from Ahly Capital Holding, the investment arm of the National Bank of Egypt, and Banque Misr. The current shareholder structure of IBAG includes the Serhank Group (60%), the National Bank of Egypt (15%), Banque Misr (15%), and Banque du Caire (10%).
IBAG provides Western Union services through 38 branches, in addition to 126 branches across the National Bank of Egypt, Banque Misr, and Banque du Caire.
