How remittance businesses in Egypt can revolutionise cross-border payments

Remittances play a significant role in Egypt's economy, with millions of Egyptians living and working abroad and sending money back home. Remittances can provide a significant income source for households in Egypt, in particular in many rural areas that have limited job opportunities. In fact, according to data from the World Bank, Egypt received $30.5 billion in remittances in 2020 and was the ninth largest recipient globally.

However, the traditional methods of sending and receiving money can be slow, expensive, and unreliable. Remittance businesses in Egypt can face significant challenges that prohibit the delivery of efficient and affordable cross-border payments, hindering their growth and diminishing revenue. The high cost of sending funds, currency fluctuations, and complex regulations leave for a costly and time-consuming process. Smaller businesses with limited resources may suffer or risk exposure to fines and penalties if non-compliant.  

This is where improved cross-border payments platforms come in. This can offer fast, affordable, and secure remittance services that could be particularly useful for individuals and families that rely on these funds for their daily needs. Remittance businesses that are unable to access banking services can turn to a payments provider that holds the same regulatory standards and security measures, but allows for faster, more efficient, and lower cost transfers of funds globally.

Unlock the benefits for remittance businesses

Cross-border payments platforms can offer a range of benefits to remittance businesses in Egypt. Here are some of the advantages of using an enhanced cross-border payments platform:

1. Fast and secure money transfers: Many Egyptians who live and work abroad need to send money back home quickly and securely, particularly in cases of emergency. A cross-border payments platform can offer fast and secure money transfers that enable Egyptians abroad to send money to their families in Egypt in a matter of minutes or hours, without having to worry about delays or security risks.

2. Competitive exchange rates: Exchange rates can have a significant impact on the amount of money that families receive for their remittances. Cross-border payments platforms often offer competitive exchange rates that can help families to receive more money for their remittances. This can be especially important in a country like Egypt, where every penny counts.

3. Lower fees: Traditional remittance methods can be expensive, with high fees and hidden charges. A cross-border payments platform can offer lower fees, making it easier for families to receive the money they need without having to pay exorbitant fees. This can help families to save money, which they can use for other important expenses.

4. Enhanced security: Cross-border payments platforms offer enhanced security features such as fraud detection and prevention, anti-money laundering, and identity verification. This can help to protect individuals and families from scams and other fraudulent activities. In addition, some platforms offer insurance or other protections to ensure that money is secure and that families receive their funds in a timely manner.

5. Easy-to-use platform: Many Egyptians who live and work abroad may not have access to traditional banking services, or they may not be familiar with the banking systems in Egypt. A cross-border payments platform can offer an easy-to-use platform that enables Egyptians abroad to send money home using their mobile phones or computers. This can make it easier for families to receive the money they need without having to navigate complex banking systems or worry about language barriers.