Al Ansari Exchange, a leading provider of worldwide remittance and foreign exchange services, has signed a strategic partnership with the National Bank of Egypt (NBE), the oldest and largest commercial bank in Egypt, in a move to further expand its network of correspondent banks and agents worldwide. The company also revealed that its focus on Egypt is being driven by the growth potential projected for the local remittance industry, with the country ranking as among the top 10 leading money transfer destinations across the globe according to statistics released by the World Bank, registering USD 8.7 billion in total cash transfers in 2008, an estimated USD 7.8 billion in 2009, and a projected growth of over six per cent for the current fiscal year.
Egypt-bound remittances from the UAE have been rising over the years, with the growing number of Egyptian residents in the emirates. Similarly, The UAE has also seen significant growth in money transfer transactions originating from Egypt and other fast-growing economies, given that 80% of the local population are comprised by expatriates from all over the globe. The inclusion of NBE to Al Ansari Exchange' global partners is also expected to further strengthen its line-up of remittance and foreign exchange services offered to Egyptian nationals as well as Egyptian expatriates who regularly send money to their home country.
"Egypt has shown its economic resilience amidst the global financial crisis, and the continuous remittance flow in the country makes it a key market for us," said Mohammed Ali Al Ansari, Managing Director of Al Ansari Exchange. "While the strength of our over 150-strong global correspondent banks and agents network allows us to provide enhanced services to customers who send and receive money from this major market, this new partnership with the National Bank of Egypt will further boost the level of services and products we offer our customers. Through the strength of our new partner's nationwide network, we will be able to make our offerings even more accessible to a wider customer base in the country who are seeking excellent currency rates and fast and reliable money transfer services."
Underlining its confidence in the growth of the remittance sector, Al Ansari Exchange has been undertaking intensive efforts to streamline its operations and growth its partner network. In addition to its newest partnership in Egypt and as a part of the leading exchange house' efforts to achieve the targets it has set for the current year, which include opening a total of 100 branches across the UAE within 2010.
Established in 1898 with a capital of EGP 1 million, NBE plays a salient role in stabilising the foreign exchange market, having successfully pooled an adequate supply from the free market to meet its customers' foreign-currency needs. Currently in control of 40 per cent share of the credit and debit card market in Egypt, NBE has been ranked as the 29th bank with the highest total assets, ahead of all Egyptian banks and in the 11th place among Arab banks. Today, NBE has an extensive network of 429 banking units all over Egypt, 631 ATMs 8,500 P.O.S., an effective international presence through the National Bank of Egypt (UK) Limited, New York and Shanghai branches and two representative offices in Johannesburg, South Africa and Dubai, UAE, in addition to a vast correspondent network round the globe.
