WorldRemit launches in Egypt

Source: WorldRemit

WorldRemit, the global money transfer app, today launches remittances to Egypt. Customers in 52 countries can now send money transfers from the WorldRemit app direct to any bank account in Egypt.

Remittances to Egypt totaled more than $19bn in 2014, according to the World Bank.[1] Money transfers sent by Egyptians abroad are a major source of national income, far exceeding revenues generated from the Suez Canal.[2]

Described as “changing the world of remittances” by the BBC, WorldRemit empowers customers to send money overseas using its award-winning iOS and Android mobile apps.[3] Egypt marks its most recent geographical expansion with the service already sending to more than 125 countries worldwide.

WorldRemit’s CEO & founder Ismail Ahmed, comments: “Remittances play an important role for prosperity and development in Egypt. Yet more than that, they provide a vital link with Egyptians in the diaspora – hard-working migrants dedicated to supporting the lives of friends and family at home. Today, Egyptians abroad can skip the queues at high-street transfer agents and use the WorldRemit app to send money home with just a few taps on their smartphone.”

In February 2015 WorldRemit received a $100m investment round led by Technology Crossover Ventures (TCV), early investors in Facebook, Spotify and Dropbox.

[1] World Bank - Annual Remittances Data 2014

[2] Daily News Egypt – Suez Canal revenues fall by $21m YoY in September, 26 October 2015
[3] BBC - The man changing the world of remittances, 1 December 2014 

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