WorldRemit launches money transfers to Egypt
London, United Kingdom (PRWEB UK) 4 November 2015 -- 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
http://econ.worldbank.org/WBSITE/EXTERNAL/
[2] Daily News Egypt – Suez Canal revenues fall by $21m YoY in September, 26 October 2015
http://www.dailynewsegypt.com/2015/10/26/suez-canal-revenues-fall-by-21m-yoy-in-september/
[3] BBC - The man changing the world of remittances, 1 December 2014
http://www.bbc.co.uk/news/business-30192220
ENDS
Note to editors
• Images for press here: https://www.flickr.com/gp/134037448@N03/7PNxG1
• WorldRemit currently enables 300,000+ transactions per month
About WorldRemit
WorldRemit is changing the way people send money.
• It’s easy – just open the app or visit the website – no more agents.
• Transfers to most countries are instant – send money like an instant message.
• More ways to receive (Mobile Money, bank transfer, cash pickup, and mobile airtime top-up).
• Available in 52 countries and 125+ destinations.
• WorldRemit raised $140m from Accel Partners and TCV – investors in Facebook, Spotify and Dropbox.
WorldRemit’s global headquarters are in London, UK with regional offices in USA, Canada, Japan, Australia and New Zealand.
Read more: About us
Media contact: media(at)worldremit(dot)com
Martin Schmidbaur, WorldRemit Ltd, +44 2071486118 Ext: 210, [email protected]
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