LONDON and CAIRO, Oct. 17, 2024 /PRNewswire/ -- Thunes, the Smart Superhighway to move money around the world, today announced a major expansion of its Direct Global Network into Egypt. This expansion brings mobile wallet and bank account payment capabilities to Thunes' Pay solutions, enhancing the company's cross-border payment services in one of the Middle East and North Africa's most dynamic markets.
Egypt is experiencing one of the fastest adoption growth rates for mobile wallets across the African continent, driven by accelerating cash-to-digital conversion. According to GlobalData, mobile wallet volume in Egypt is expected to grow 26% annually between 2024 and 2028, with the projected total volume reaching USD 3.8 billion by 2028.
With this expansion, Members of Thunes' Direct Global Network can now offer consumer remittance services into Egypt, either to bank accounts or to mobile wallets. This service supports all bank accounts in Egypt, with payouts in both Egyptian Pounds and US Dollars. In addition, all mobile wallets in Egypt will now be supported, with payouts available in Egyptian Pounds.
Egypt ranks as the top remittance-receiving market in the Middle East and North Africa region, totaling USD 19.5 billion in 2023, according to World Bank data, making Thunes' entry into the market an important development for individuals and businesses seeking cross-border payments into the country.
Aik Boon "AB" Tan, Chief Network Officer of Thunes, said: "Expanding Thunes' proprietary Direct Global Network into Egypt will provide our Members with greater speed, control, visibility, protection, and cost efficiencies for real-time cross-border payments in one of the fastest growing markets in the world. This expansion demonstrates our relentless commitment to global reach and industry-leading Quality of Service through direct network connections, enabling businesses and financial institutions to reliably process payments globally."
Contact:
Flo Holt, Headland, fholt@headlandconsultancy.com
Mathieu Limousi, Chief Marketing Officer, Thunes, mathieu.limousi@thunes.com
About Thunes:
Thunes is the Smart Superhighway to move money around the world. Thunes' proprietary Direct Global Network allows Members to make payments in real-time in over 130 countries and more than 80 currencies. Thunes' Network connects directly to over 7 billion mobile wallets and bank accounts worldwide, via more than 320 different payment methods, such as GCash, M-Pesa, Airtel, MTN, Orange, JazzCash, Easypaisa, AliPay, WeChat Pay and many more. Thunes' Direct Global Network differentiates itself through its worldwide reach, in-house SmartX Treasury System and Fortress Compliance Platform, ensuring Members of the Network receive unrivaled speed, control, visibility, protection, and cost efficiencies when making real-time payments, globally. Members of Thunes' Direct Global Network include gig economy giants like Uber and Deliveroo, super-apps like Grab and WeChat, MTOs, fintechs, PSPs and banks. Headquartered in Singapore, Thunes has offices in 13 locations, including Barcelona, Beijing, Dubai, Johannesburg, London, Manila, Nairobi, Paris, Riyadh, San Francisco, Sao Paulo and Shanghai. For more information, visit: https://www.thunes.com/
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