Al Ansari Exchange, a leading provider of remittance and foreign exchange services, said it has signed a strategic partnership with the National Bank of Egypt (NBE), the oldest and largest commercial bank in Egypt.

The Al Ansari move is aimed at further expanding 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, Egypt had witnessed $8.7 billion in total cash transfers in 2008, an estimated $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 per cent of the local population comprises expatriates, said a company statement.

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,' he added.-TradeArabia News Service