Egypt International Remittance Market is Expected to Reach USD 20.5 Billion in Terms of Total Transaction Value for the Financial Year Ending 2023: Ken Research
12 Feb, 2019, 14:00 GMT
- Owing to changing Saudi Arabia's policies, Egyptian Migrants have been forced to return back to their home countries, which are expected to impact the inbound remittance in Egypt.
- Egypt is expected to retain its position as sixth largest remittance receiving country in the world and will continue to be its key foreign exchange earner.
- Egypt Bill Payment Market is expected to register highest growth in future and will be mainly driven by rising number of new connections and increasing penetration of cashless transaction methods.
GURUGRAM, India, Feb. 12, 2019 /PRNewswire/ -- Remittance Market (International, Domestic and Bill Payments) in Egypt is still in its growth stage and a large portion of the remittance has to be formalized. Huge potential exist for Central Bank and other participants to develop policies and infrastructure that promote the growth in use of legal channels.
Ease in Government Regulations: Clarity on regulations and transparency in fee charged is expected to act as key potential developments to have positive impact on the market. Saudi Arabia, which has been the largest source for inbound remittance in Egypt, has introduced regulation that favor hiring of local population and may have negative impact on Egyptian remittance market.
Mobile Usage as a Growth Driver: Rapid growth in the usage of mobile technologies in the country for money transfer and bill payments will be the key factor for promotion of cashless economy in the country. This is expected to have positive impact in formalizing the money transfer, bill payment and remittance process. More companies and utility service providers are expected to digitize their billing system promoting involvement of third party payment service providers as technology partners.
With the price of computers and other access devices declining substantially, connectivity is expected to improve further in the coming years. Owing to this, the access to online remittance services in the Egypt is likely to increase, augmenting the transaction volume and value of domestic and international money transfers.
Expected Improvements in Egypt Bank Penetration and Financial Inclusion: In the next few years increased presence of banking transaction in the international, domestic and bill payment market is expected to be visible as financial inclusion improves. Government and banks in the country are increasingly focusing on improving financial inclusion in the country and is in process of collaboration with various financial institutions for the same.
Other entities such as Egypt Post, bill payment service providers, and money transfer organizations are also expected to encourage the population to increase bank penetration in the country, which in turn will help formalization of remittance market in Egypt.
Analysts at Ken Research in their latest publication "Egypt Remittance Market Future Outlook to 2023 – By Inbound and Outbound Remittance, By Mode of Transfer (Bank Transfer, Through Friends or Relatives, Through Agent or Courier, Carried Money on Their Visits, and Others), By Banking and Non Banking Channel, By Bill Type (Mobile Services, Internet Services, Utilities, and Others), By Bill Payment Mode (Cash Payments, Card Payments, and Fund Transfers)" believe that increase in banking population coupled with growth of mobile users will positively impact the market future growth. The international remittance, domestic remittance, and bill payment markets are expected to register a positive CAGR of 2.7%, 5.2%, and 15.4% respectively in terms of transaction value during the forecast period 2019E-2023E.
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
Companies Covered:
- Western Union
- RIA Money Transfer
- MoneyGram
- Egypt Post
- ITSC Egypt
- HSBC Egypt
- Fawry
- Masary
- Bee: Smart Payment Solutions
For more information on the research report, refer to below link:
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