EzRemit, a money transfer company and part of the BFC Group Holdings, has entered into a deal with Banque du Caire, a full-service bank in Egypt, to expand its network..

The deal will add 130 locations to EzRemit’s distribution network across the country.

Ebrahim Nonoo, managing director and CEO of BFC Group Holdings, said: “The strategic partnership with Banque du Caire is a key part of our vision to increase our global footprint over the next five years. The expansion not only supports our customer base in Egypt, but across the fast emerging markets of Middle East and North Africa where remittance flow is estimated to reach $40 billion in 2012.”

Established in the middle of the 20th century, Banque du Caire is one of the most easily accessible banking establishments in Egypt, a statement said.

EzRemit’s expansion in the country is driven by the projected growth for Egypt’s remittance industry. With more than three million Egyptians working abroad mainly in Saudi Arabia, the Persian Gulf and Europe, Egypt ranks as one of the top ten receiving  countries in the world. According to statistics revealed by World Bank, remittance flow in Egypt has increased from $3.6 billion in the second half of 2009 to $6.2 billion in the first half of 2010.

Under the terms of the agreement, an instant money transfer facility will be available to receivers in Egypt from across the globe. The service will be available to Banque du Caire account holders and also cash payments to receivers who are not account holders with the bank.

In Bahrain, EzRemit’s money transfer services can be availed at any of BFC’s 25 shops in the kingdom. In addition to BFC, other agents providing EzRemit services to send remittance to Egypt and across the globe include Arab Exchange Company (Arexco), Bahrain India International Exchange Co. and BEX Money Bahrain Express Exchange.

EzRemit has over 700 remittance centres in over 51 countries. - TradeArabia News Service