The cross-border payments and money transfers company MoneyGram International will strengthen its grasp of the Egyptian market through its new partnership with Suez Canal Bank.
The team-up with the Egyptian financial institution will empower MoneyGram customers from around the world to send money directly to their friends and family members in Egypt’s bank accounts.
“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,” said Grant Lines, chief revenue officer at MoneyGram. “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.”
Mahmoud Shehab, head of financial institutions at Suez Canal Bank, added that the partnership will benefit “both institutions as we target to expand our share of the Egyptian remittances business by signing this agreement.”
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