Arab Finance: In a strategic move to enhance the transfers services in Egypt, the “Bank of Cairo” cooperated with “Terrapay”, the world leader in border payment solutions, and this partnership aims to provide digital payments for all bank accounts and electronic portfolios in Egypt, which provides faster and more effective transfers services in terms of cost and safety for Egyptian communities around the world, where Egyptian transfers abroad are a major source of foreign currencies – It is estimated at about 30 billion dollars annually, according to the statement sent on March 4.
This partnership is in line with the Terra Bay mission in establishing a cross -border financial system and provides a direct solution to the challenges offered by informal financial channels through their direct integration with the Cairo Bank Banque Baby. Terra Bay guarantees more smooth and safe digital transfers, which gives more control of transactions and contributes to strengthening the financial system in Egypt.
For his part, Bahaa Al -Shafi’i, Executive Vice President of Cairo, explained that the launch of the financial transfers service in cooperation with “Terabay” came within the framework of the bank’s efforts to increase the volume of Egyptians abroad transfers in line with the directions of the Central Bank of Egypt to integrate informal transfers under the umbrella of the banking sector in order to increase the opportunities to attract new groups of customers targeted for the Egyptian sector, which reflects positively on the state’s economy in general.
Ayman Khattab, head of the financial institutions sector at Bank of Cairo, stressed the importance of this partnership, saying: “Banque Cairo is committed to providing innovative financial solutions that meet the needs of our developed customers, which ensures that Egyptians abroad and their families in Egypt benefit with faster services, competitive exchange rates, and low fees, indicating that the partnership with Terra Bay creates an added value for the banks’ services and enhances our role in support Financial. “
For his part, Annie San, CEO of Business at Terra Bay, commented on the cooperation, saying: “Our partnership with Bank Cairo is a major achievement in expanding the scope of the global payment network of Tira Bay in Egypt, and through the simple developed integration, Terra Bay will provide her experience in working in more than 150 countries. It is costly effective to transfer funds, and then enhance financial inclusion and enhance the cross -border payments. “
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