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Home Banking Financial Services and Insurance Egypt Remittance Market Outlook to 2023: Ken Research

Egypt Remittance Market Outlook to 2023: Ken Research

Egypt has been one of the finest Arabian countries in terms of labour supply. This results into high international inbound remittance across the country. The domestic remittance transactions are high which is owing to growth in internal migration and growing urban population. The effective growth in nuclear families in the country has resulted into augmented the bill payment activities as number of subscribers for utilities, mobile telephone services and internet are on increment. Even though the international remittance market has slowed down since 2016, it is projected to recover as Middle Eastern economies invest to expand.

According to the report analysis, ‘Egypt Remittance Market Outlook to 2023 – By Inbound and Outbound Remittance, By Transfer Mode (Bank Transfer, Through Friends or Relatives, Through Agent or Courier, Carried Money on Their Visits, and Others), By Banking and Non-Banking Transfer, By Bill Payment Type (Mobile Services, Internet Services, Utilities, and Others), By Bill Payment Mode (Cash Payments, Card Payments, and Fund Transfers)states that the competition within Egypt International Remittance market concentrated in nature with the existence of Western Union, RIA Money Transfer, and MoneyGram. Other companies that function in the space are OFX, XE Trade, Payoneer, and more, however they account for smaller share. in domestic remittance space Egypt Post registers the market which is followed by ITSC Egypt (that functions in collaboration with Egypt Post), whereas HSBC Egypt is the greatest private company that functions in domestic money transfer services in Egypt. The Bill Payment Market in Egypt is fragmented in nature with existence of companies such as Masary, Fawry, Bee, Sadad, Aman, and several others, in which Fawry and Masary combined registered for majority of the market share.

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The inbound remittance has been the leading source of transaction whereas outbound remittance registers for a marginal share; it is majorly owing to the high Egyptian migration in other countries for better job opportunities. Saudi Arabia, Kuwait, UAE, Jordan among others have been key inbound remittance flow corridors which are majorly owing to the substantial Egyptian migration to these countries, whereas resident from countries likewise Syrian Arab Republic, West Bank and Gaza, Lebanon, and other have been key countries accountable for outbound remittance from Egypt. in Egypt International Remittance Market, bank transfer that involves usage of cheques, drafts, direct deposits, and others accounts for a major share during 2018. However, about one-fourth of the population still rely on their friends and relatives to send or receive money. It is mainly owing to the absence of trust on banking channels and it is the least expensive approach for migrants to save the transaction fee and taxes.

Expected continual growth in Egyptian migrants in other countries, internal migration, and growing use of internet and mobile services is projected to sustain the growth of Egypt Remittance Market. However, policy changes across Saudi Arabia are predicted to negatively impact the international remittance market across Egypt. Most of the Egyptian workers in Saudi Arabia are either predicted to return to Egypt or move to other country in search of other improved employment opportunities.

Key Segments Covered

Egypt International Remittance Market

By Inbound and Outbound Remittance

By Major Flow Corridors

  • Inbound Flow Corridors
  • Outbound Flow Corridors

By Mode of Transfers

  • Bank Transfers
  • Through Friends or Relatives
  • Through Agent or Courier
  • Carried Money on Their Visits
  • Single Size
  • Custom Size

Egypt Domestic Remittance Market

By Channel of Transfer

By Major Flow Corridors

  • Banking Transactions
  • Non-Banking Transactions

By Major Flow Corridors

  • Bank Transfers
  • Egypt Bill Payments Market

By Type of Bill Payments

  • Mobile Services
  • Internet Services
  • Utilities

By Mode of Bill Payments

  • Cash Payments
  • Card Payments
  • Fund Transfers

Key Target Audience

  • Money Transfer Organization
  • Bill Payment Companies
  • Banks

Time Period Captured in the Report:

  • Historical Period – 2013-2018
  • Forecast Period – 2019-2023

Companies Covered:

  • Western Union
  • RIA Money Transfer
  • MoneyGram
  • Egypt Post
  • ITSC Egypt
  • HSBC Egypt
  • Fawry
  • Masary
  • Bee: Smart Payment Solutions

Key Topics Covered in the Report

  • Executive Summary
  • Research Methodology
  • Egypt Remittance Market – Overview and Genesis
  • Egypt International Remittance Market
  • Egypt Domestic Remittance Market
  • Egypt Bill Payment Market
  • Egypt Remittance Market Consumer Profile
  • Value Chain Analysis of Egypt Remittance Market
  • Government Regulations in Egypt Remittance Market
  • Issues and Challenges in Egypt Remittance Market
  • Trends and Growth Drivers
  • Competitive Landscape and Company Profiles in Egypt Remittance Market
  • Future Outlook and Projections of Egypt Remittance Market
  • Analyst Recommendations

For More Information, refer to below link:-

Egypt Remittance Market Research Report

 Related Reports

International Remittance Industry in Qatar: Outlook to 2025

International Remittance Industry in Saudi Arabia: Outlook to 2025

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