Attijariwafa bank Egypt inks cooperation agreement with MoneyGram
Attijariwafa bank Egypt has entered into partnership with U.S-based MoneyGram International in view of supporting the Arab country’s financial inclusion policy, Arab Finance reports.
The Moroccan bank in a statement said with the new partnership, MoneyGram’s clients worldwide will be able to transfer remittances to be received at any of its 65 branches in Egypt.
Remittances in Egypt increased to $7869 USD Million in the first quarter of 2020 from 6963.90 USD Million in the fourth quarter of 2019, Trading Economics reports.
There are over 6 million Egyptians living abroad according to Germany’s Federal Agency for Civic Education. Remittance from the Egyptian migrants accounted for 5.3 per cent of the gross domestic product (GDP) according to the International Organization for Migration (IOM).
Also last month, Attijariwafa bank Egypt, cancelled all fees on opening new saving accounts as part of enhancing financial inclusion. It also scraped all fees on issuing debit cards for small and medium-sized businesses as well as on opening corporate accounts.