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MoneyGram, Suez Canal Bank team up for account deposit service in Egypt

Monday 27 January 2020 11:49 CET | News

MoneyGram International has partnered with Suez Canal Bank, to enable MoneyGram customers to send money directly to the bank accounts of friends and family members in Egypt.

Via this agreement, MoneyGram strengthens its presence in Egypt, as the company now has access to the bank's network of correspondent banks throughout the world. Suez Canal Bank will be able to connect to MoneyGram platform to offer the new account deposit services to all of its customers. The aim is to provide them with digitally-enabled convenience and a facilitated experience.

MoneyGram offers money transfer services through a range of omnichannel solutions, such as mobile app, debit card deposit, and digital wallet capabilities. The company will provide Egyptians living abroad a fast and convenient way to send money back home. As per the World Bank, Egypt ranks fifth in global remittances, as the total amount received climbed 17% in 2018 to USD 29 billion.

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Keywords: MoneyGram, launch, account deposit, Egypt, cross-border, P2P, payments, money transfers, financial institution, banks, accounts, digital wallets, debit cards
Categories: Banking & Fintech | Payments General
Countries: Egypt
This article is part of category

Banking & Fintech