MoneyGram International has collaborated with Suez Canal Bank to facilitate remittances directly into the bank accounts of recipients in Egypt.
The deal is intended to boost the footprint of MoneyGram, which offers cross-border payments and money transfers, in the country. This will be made possible via access to the bank’s correspondent banks network worldwide.
In addition, the company’s customers will have access to additional resources for receiving funds.
Meanwhile, the bank will leverage MoneyGram platform for account deposit services to its customers.
MoneyGram chief revenue officer Grant Lines said: “As we execute our digital transformation to lead the industry in the digital movement of money, a key strategic priority is expanding account deposit services in major international markets.
“We’re excited about how this partnership with Suez Canal Bank will provide our customers in Egypt with cutting-edge capabilities that offer the industry’s best service.”
Suez Canal Bank head of Financial Institutions Mahmoud Shehab said: “Partnering with MoneyGram, a global leader in cross-border peer-to-peer payments and money transfers, would benefit both institutions as we target to expand our share of the Egyptian remittances business by signing this agreement.”
MoneyGram’s money transfer services are available via multiple omnichannel solutions such as mobile app, debit card deposit and digital wallets. The company has a distribution network in more than 200 countries and territories.
Earlier this month, MoneyGram partnered with Abu Dhabi-based Lulu Financial to expand its presence in the Asia-Pacific region and Oman.