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TheStreet Open House

Western Union More Than Doubles Agent Locations In Egypt; Signs Money Transfer Agreement With AlexBank

1. MINISTRY OF MANPOWER & IMMIGRATION REPORT

Hatem Sleiman, Western Union ' s Regional Vice President, Near East, Egypt, Saudi Arabia and Sudan said, "Remittances are an essential source of income for migrant families, meeting as much as 40 percent of household expenses [2]. With nearly two decades of experience in providing money transfer services in Egypt, we see the need to extend our services to as many consumers as possible by growing our agent base and number of locations. This alliance with AlexBank is a clear example of two leading entities collaborating to meet the growing needs of consumers. I would like to thank the Central Bank of Egypt for their support and cooperation in enabling us to bring money transfer services to more Egyptians and their families than ever before."

Bassel Rahmy,  ALEXBANK ' s Director of Retail and SME Banking , added, "This alliance will effectively deliver the service to every governorate in Egypt. Egypt is a vibrant market with a sizeable diaspora of over 6.5 Million individuals who frequently remit and transfer money back home. This alliance puts us in pole position to capitalize on this market and provide WU services to our existing customers while also opening our doors to non- AlexBank customers who will experience our unique service proposition for the first time."

According to the 2013 Migration and Development Brief of the World Bank, remittance flows to the Middle East and North Africa (MENA) region are expected to grow by 5-6 percent during 2013-2015, mainly driven by Egypt but also boosted by robust performance forecasted for the other key remittance recipient countries of the region. Remittance inflows in MENA are estimated to be about $49 billion in 2012.

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