In a strategic move to enhance remittance services in Egypt, TerraPay, a global leader in cross-border payment solutions, has partnered with Banque du Caire (BDC), one of Egypt’s premier financial institutions. This collaboration enables digital payouts to all bank accounts and mobile wallets across Egypt, offering faster, cost-effective, and secure remittance services for the Egyptian diaspora worldwide, as remittances from Egyptian expatriates are a major source of foreign currency – estimated at around $30 billion annually.
This partnership aligns with TerraPay’s mission of creating a borderless financial ecosystem and offers a direct solution to the challenges posed by informal financial channels. By integrating directly with Banque du Caire infrastructure, TerraPay ensures smoother, more secure digital transfers, empowering greater control over transactions and contributing to the strengthening of Egypt’s financial system.
Mr. Bahaa El-Shafie, Deputy CEO of Banque du Caire, explained that the launch of the remittance service in cooperation with TerraPay comes as part of the bank’s efforts to increase the volume of remittances from Egyptians abroad, in line with the Central Bank of Egypt’s directives to merge informal remittances under the umbrella of the banking sector. This will help attract new target customer segments to the Egyptian banking sector, which will positively impact the country’s economy in general.
Mr. Ayman Khattab, Head of Financial Institutions at Banque du Caire, emphasized the importance of this partnership: “Banque du Caire is committed to providing innovative financial solutions that meet the evolving needs of our customers ensuring that Egyptians abroad and their families in Egypt benefit from faster delivery times, competitive exchange rates, and minimal fees. The partnership with TerraPay is an added value to our remittance services and reinforces our role in supporting financial inclusion and empowering communities across Egypt.”
Ani, Chief Business Officer at TerraPay, commented on the collaboration: “Our partnership with Banque du Caire marks a key milestone in expanding TerraPay’s global payout network footprint in Egypt. Through its state of art single streamlined integration, TerraPay will bring its experience of operating in 150+ countries. Together, we’re empowering the global Egyptian diaspora with TerraPay’s agile, fully compliant, transparent, cost-effective money movement network and by that, driving financial inclusion and strengthening cross-border payments.”