Press release
Egypt Remittance Market: Steady Growth Amid Challenges with 10-15% Annual Increase in Inflows (2019-2025)
As of 2023, Egypt holds a pivotal position in the global remittance landscape, leading the Middle East and North Africa (MENA) region in remittance inflows. However, recent data reveals a concerning trend, with remittance flows to Egypt plummeting by 38% in the first half of 2023. This decline is primarily attributed to a significant gap between official and parallel foreign exchange rates, prompting many expatriates to turn to unofficial channels for sending money home.Recent data from the World Bank indicates that remittances to Egypt have historically experienced an annual growth rate of approximately 10-15%, fueled by a robust population of Egyptians living abroad who maintain strong economic connections with their homeland. Despite recent setbacks, the Egyptian government is proactively implementing measures to reverse this trend and stimulate remittance inflows.
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► Government Initiatives to Boost the Egypt Remittance Market and Stimulate Inflows
To counteract the current decline, the Egyptian government has introduced several strategic initiatives:
• Promoting Digital Channels: The government is actively promoting digital channels for money transfers to enhance accessibility and efficiency.
• Attractive Banking Products: New bank savings products that waive commissions for expatriates have been launched, encouraging remittance inflows through formal channels.
• Exchange Rate Liberalization: Plans to liberalize the exchange rate in March 2024 are expected to stabilize monetary conditions and incentivize remittances.
These initiatives have already attracted USD 2 billion in foreign portfolio inflows and are poised to provide a much-needed boost to the remittance market.
► The Rise of FinTech and Digital Payment Solutions in the Egypt Remittance Market
The FinTech landscape in Egypt is rapidly evolving, with over 177 startups and payment service providers (PSPs) active in the market as of 2022. This growth has been significant, with the number of FinTech companies increasing 5.5-fold in the past five years. The majority of these firms focus on payments and remittances, lending, and alternative finance, reflecting the growing demand for innovative financial solutions among the Egyptian diaspora.
As of early 2024, Egypt's digital payment landscape boasts substantial internet penetration, with over 72% of the population online. With 82.01 million internet users and 110.5 million active mobile connections, the potential for digital remittances is vast. Social media engagement further underscores this trend, with 45.40 million users enhancing communication among the Egyptian diaspora.
► Projected Growth of the Egypt Remittance Market Amid Regional Challenges
According to the World Bank, the outlook for remittances to the Middle East and North Africa (MENA) region will be influenced by various regional factors, particularly impacting oil-importing countries such as Egypt, Jordan, Lebanon, Morocco, and Tunisia. These nations face challenges from rising fiscal and current account deficits due to ongoing regional conflicts and economic instability, which may affect their political stability.
► Comprehensive Market Analysis by Makreo Research
In light of these developments, Makreo Research has published an in-depth report titled "Egypt Remittance Market Size and Forecast (2019-2025) - Growth Analysis by Inward and Outward Remittances, Mode of Transfer, End Users, and Digital Payment Market." This report provides a thorough analysis of the historical performance and current state of the Egyptian remittance market, identifying critical growth drivers and potential challenges.
The report delves into:
• Historical Performance: A comprehensive examination of remittance inflows and outflows.
• Market Segmentation: Detailed insights into remittance corridors, costs, and the impact of economic, political, and technological factors.
• Competitive Landscape: An analysis of key market players, including financial performance, investments, and mergers and acquisitions.
• Future Outlook: Assessments of market opportunities, driving factors, and the overall trajectory of the remittance market.
The findings of this report are crucial for stakeholders in Egyptian banking, financial institutions, cross-border platforms, the digital payment sector, and central banks. Understanding the dynamics of the remittance market is essential for devising effective strategies to harness its potential.
For more information and to explore the comprehensive market research report, please visit
Egypt Remittance Market Size and Forecast (2019-2025) - https://www.makreo.com/report/egypt-remittance-market-size-and-forecast-2019-2025
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Makreo Research is a leading market research and consulting firm based in India, specializing in Syndicated Research, Custom Research, Consulting, and Market Surveys. With expertise in navigating complex market dynamics, we empower businesses to achieve success. Our services span a wide range of industries and geographies, including North America, LATAM, Europe, Asia-Pacific, Oceania, MENA, and more.
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