Arab Finance: Banque du Caire (BDC) (BQDC) has purchased a skate in IBAG, Western Union’s first agent in Egypt, from National Bank of Egypt’s (NBE) investment arm Al Ahly Capital Holding and Banque Misr, according to an emailed press release on September 7^th.

With BDC joining the shareholding of IBAG, it brings the total share of the three banks to 40%, with the stake of Sarhank Group remaining the same at 60%.

"This addition contributes to the increase of foreign exchange flows and remittances of funds of expatriate Egyptian workers, increasing the opportunities of attracting new categories of target customers to the banking sector through official financial transfer methods,” CEO of NBE and Al Ahly Capital Holding Hisham Okasha commented.

This strategic partnership builds on the participating banks’ existing remittance services for Egyptian living and IBAG’s extension in receiving foreign remittances.

"We are proud of this partnership which further supports Egypt's digital transformation agenda. The range of digital money transfer solutions the company offers is in line with Banque Misr's belief in the importance of financial inclusion,” Chairman of Banque Misr Mohammed El-Etreby said.

“This further confirms our commitment to the directives of the Central Bank of Egypt in attracting informal remittances within the banking sector. Banque du Caire joining this strategic partnership is a step towards increasing foreign cash flows and currency in Egypt, especially remittances from Egyptians abroad," El-Etreby highlighted.

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