Thunes has officially extended its Direct Global Network to Egypt, marking a pivotal expansion in the company’s cross-border payment services. This move enhances Thunes’ ability to facilitate transactions through mobile wallets and bank accounts within one of the Middle East and North Africa’s most vibrant economies. Egypt’s rapid adoption of digital payment solutions positions it as a key market for Thunes’ innovative financial services.
Expanding Payment Capabilities
Thunes’ latest expansion allows its network members to offer seamless remittance services into Egypt. Transactions can now be directed to both bank accounts and mobile wallets, providing greater flexibility for users.
- Currency Options: Payouts available in Egyptian Pounds and US Dollars
- Comprehensive Support: All Egyptian bank accounts and mobile wallets are now integrated
This development is set to streamline the process for individuals and businesses, making cross-border payments more efficient and accessible.
Surge in Mobile Wallet Adoption
Egypt is witnessing a significant increase in mobile wallet usage, with projections showing a 26% annual growth rate from 2024 to 2028. By 2028, the total mobile wallet volume is expected to reach $3.8 billion, according to GlobalData.
Key Factors Driving Growth:
- Accelerating cash-to-digital conversion
- Increased smartphone penetration
- Supportive regulatory environment
These trends highlight the potential for sustained growth in Egypt’s digital payment landscape, making it an attractive market for financial technology companies.
Impact on Remittance Services
Egypt stands as the leading remittance-receiving market in the MENA region, with a total of $19.5 billion received in 2023. Thunes’ entry into this market is a significant step for enhancing remittance flows.
Benefits for Users:
- Faster transaction speeds
- Lower transfer costs
- Enhanced security and transparency
By providing these advantages, Thunes is poised to meet the needs of a growing number of individuals relying on remittances to support their families and businesses in Egypt.
Insights from Thunes Leadership
Aik Boon “AB” Tan, Chief Network Officer of Thunes, emphasized the strategic importance of this expansion. “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,” he stated.
Tan further highlighted the company’s commitment to delivering high-quality service and reliable payment processing capabilities, reinforcing Thunes’ position as a leader in the global payments industry.
