Banque du Caire has teamed up with TerraPay, a global leader in cross-border payment solutions, to enable digital payouts to all bank accounts and mobile wallets across Egypt

Remittances from Egyptians abroad increased by 51.3% year on year (YoY) in 2024, reaching approximately $29.6 billion compared to about $19.5 billion in 2023.

Remittances from Egyptians working abroad jumped by 65.4% year-on-year (YoY) to nearly $2.6 billion in November 2024, compared to $1.6 billion.

The Central Bank of Egypt (CBE) announced that remittances from Egyptians working abroad reached $23.7 billion in the first ten months of 2024, reflecting a 45.3% year-on-year (YoY) increase.

The Central Bank of Egypt (CBE) has officially launched a new service that enables instant money transfers to Egypt from anywhere in the world, available at any time, seven days a week.

Trade exchange between Egypt and Norway grew to $217 million during the first 10 months of 2024, from $204 million in the same period last year

The Central Bank of Egypt (CBE) has introduced a new service enabling the instant transfer of remittances from abroad directly into customer accounts at all Egyptian banks.

The Central Bank of Egypt (CBE) announced that remittances from Egyptians working abroad reached $20.8 billion in the first nine months of 2024, reflecting a 43% year-on-year (YoY) increase.

The Central Bank of Egypt (CBE) has started enabling the instant disbursement of remittances sent from abroad using the instant payment network, Instapay.

Remittances from Egyptians abroad rose by 65.5% in August 2024, reaching $2.6 billion, compared to $1.6 billion in the same month last year.

Remittances from Egyptians working abroad rose by 86.8% year on year (YoY) to roughly $3 billion in July 2024.

Remittances from Egyptians working abroad via IBAG, Western Union’s agent in Egypt, have reached $582 million during the second quarter (Q2) of 2024.

Remittances from Egyptians working abroad surged 65.9% year on year (YoY) to around $2.6 billion in June 2024, versus around $1.5 billion in June 2023, according to data by the Central Bank of Egypt (CBE).

Remittances from Egyptians working abroad jumped 73.8% year-on-year to approximately $2.7 billion in May 2024.

Economists and migration experts have called on the government to better utilize remittances from Egyptians abroad while integrating them into the national economy through investment rather than predominantly consumer spending. Remittances are Egypt’s largest source of foreign currency, surpassing tourism and Suez Canal revenues in the balance of payments (BoP).

The payment solutions provider PaySky is currently working on automating the transfer of remittances from Gulf Cooperation Council (GCC) countries, such as Saudi Arabia and the UAE, to Egypt to facilitate the process.