IBAG records a 7% increase in growth rate in 2022, shares 2023 plans

International Business Associates Group for Money Transfer Services, S.A.E. (IBAG) recorded a total of US$1.65 billion worth of transfers in 2022 with a 7% growth rate compared to 2021, reflecting the success of the company's latest transformation and modernization strategy.

IBAG, the official and oldest agent of Western Union in Egypt since 1995, revealed that the number of transfers from Egyptians abroad reached 2.8 million, disbursed to more than 800,000 clients. With such growth, along with its future plans, remittances via IBAG are expected to reach a value of $3.5 billion in 2025, doubling the company's share in the Egyptian market over the course of the next three years.

“2022 was a pivotal year for IBAG. As we restructured and continually modernized the company's business models to be more effective, dynamic, and efficient, IBAG put emphasis on the importance and strength of its digital platforms and its hybrid go-to-market approach. In as much as IBAG stresses on the criticality of continuously availing its services through its classical outlets - its own and through its partner banks – IBAG is focused on keeping pace with technological developments. This is realized by updating its digital capabilities, and investing in technological, secured and scalable infrastructure that allows it to be closer to its clients’ base by interconnecting with banks with an intention of facilitating expatriates’ transfers,” Said IBAG’s Executive Chairman, Dr. Moustapha Sarhank.

All in line with its strategic vision implementation of further enhancing and embracing financial inclusion in Egypt, Dr. Sarhank welcomed and hailed the participation of Banque du Caire in its equity structure notwithstanding the effect of the pandemic on its investment appetite.