The clap:
Following a previous delay in plans due to uncertainties in exchange rates, Fawry has restarted negotiations with foreign exchange bureaus in the Gulf region to provide remittance services to Egyptian expatriates, Al Mal reported, citing a company source. This comes as remittances are forecast to increase 10% annually to reach USD 53 billion by 2030.
Which countries has Fawry got its sights on ?
The company is reportedly in discussions with remittance companies in Saudi Arabia, Kuwait, and the UAE, but is expected to commence its services in KSA initially given its established partnerships with payment services provider Enjaz and Al Rajhi Bank.
Remember:
Following the devaluation of the EGP in March, inflows from Egyptians residing overseas through official avenues saw an uptick for the second straight month in April, with remittances rising 43.8% YoY to USD 2.2 billion.
