Banque du Caire, TerraPay to allow seamless remittance digital payouts in Egypt
Updated 3/5/2025 10:03:00 AMArab Finance: 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, according to a press release.
The partnership aims to provide faster, cost-effective, and secure remittance services for the Egyptian diaspora worldwide.
Remittances from Egyptian expatriates, which are estimated at around $30 billion annually, are considered a key source of foreign currency.
This collaboration aligns with TerraPay’s vision to develop a borderless financial ecosystem and offer a direct solution to the challenges posed by informal financial channels.
By leveraging Banque du Caire's infrastructure, TerraPay will ensure more secure digital transfers, strengthening Egypt’s financial system.
For his part, Bahaa El-Shafie, Deputy CEO of Banque du Caire, indicated that the launch of the remittance service in cooperation with TerraPay supports the bank’s efforts to increase the volume of remittances from Egyptians abroad.
The partnership will attract new target customer segments to the Egyptian banking sector, which will benefit the country’s economy. It comes in line with the Central Bank of Egypt (CBE) directives to merge informal remittances under the umbrella of the banking sector.
Ayman Khattab, Head of Financial Institutions at Banque du Caire, said: “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 Sane, Chief Business Officer at TerraPay, commented: “Through its state of art single streamlined integration, TerraPay will bring its experience of operating in 150+ countries.”
“We are 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,” he added.
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