TerraPay, the cross-border payment solution provider, is partnering with Banque du Caire (BDC), one of the largest financial institutions in Egypt, to enhance remittance services across the country.
By teaming up with TerraPay, Banque du Caire aims to enable digital payouts to all bank accounts and mobile wallets across Egypt, offering faster, cost-effective, and secure remittance services for the Egyptian diaspora worldwide.
Remittances from Egyptian expatriates are a major source of foreign currency – estimated at around $30billion annually. TerraPay integrated directly into the Banque du Caire infrastructure to enable greater control over transactions and contribute to the strengthening of Egypt’s financial system.
Bahaa El-Shafie, deputy CEO of Banque du Caire, says the launch of the remittance service comes as the bank aims 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.
The bank says this move should help attract new target customer segments to the Egyptian banking sector, which will positively impact the country’s economy in general.
Ani Sane, chief business officer at TerraPay, commented on the partnership: “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.”
TerraPay says this partnership aligns with its mission to create a borderless financial ecosystem and offers a direct solution to the challenges posed by informal financial channels.
“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,” added Ayman Khattab, head of financial institutions at Banque du Caire. “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.”
