The term remittance refers to the transfer of money by the foreign migrants to their homes. The remittance channel contemplates of the sender, intermediaries in both the counties and recipient in both the countries and recipient in both the region, and the payment interface used by the intermediaries. Moreover, the obtain ability of jobs and migration has cooperatively encouraged growth of the international as well as domestic remittance industry. The growth in the industrial and communication segments have considerably given rise to the job opportunities in the country. Furthermore, the players of this market are playing an important role while investing the effective amount of money for developing the app specification which decreases the cost of transferring money from one country to another. This also led an effective market growth more significantly during the forecasted period.
According to the report analysis, ‘Money Transfer Industry Research’ states that the market growth can be accredited to factors like growing number of OFWs, increasing infrastructure and developmental activities, significant rise in the business sectors and rising job opportunities within the country, developing the BPO sector and other related factors. Moreover, the unskilled workers and laborers will maintain their status as the principal deployed fraction of overseas workers and will pursue to account for the foremost share of aggregate remittances. Not only has this, the increasing number of expatriates, internal migration, rising non-oil private sector businesses, significant growth in the utility prices and other related aspects are set to increase growth in the market during the forecast period.
Furthermore, there are several key players which are presently performing their task more enormously across the globe for leading the fastest market growth and attaining the highest value of market share with the effective developments and adopting the significant strategies and policies of working which further decrease the existence of middle man and cost of transaction. According to the report analysis, ‘Bill Payment Industry Report’ states that the growth in the market during the forecast period can be accredited to factors such as increasing number of international and domestic migrants, more employment opportunities in the superior cities which and growing usage of the mobile and internet in the country. In addition, on the basis of geography, the market of remittance is spread across the globe which majorly involves Asia Pacific region, Europe, North America, Middle East and Africa and Rest of the World.
Whereas, in the Middle East, the Bill Payments mobile services in Egypt include mobile top-ups are the principal contributor, followed by internet services which are mainly owing to the ever growing penetration of broadband internet. However, the significant job opportunities and lifestyle generates these cities extreme flow corridors in domestic money transfers. Estimated continued growth in Egyptian migrants in other economies, internal migration, and growing usage of the internet and mobile services is predicted to endure the growth of Egypt Remittance Market. Furthermore, the speedy growth in the establishment and usage the mobile technologies in the economy for money transfer and bill payments are also a foremost factor for the future growth of domestic remittance and bill payments market across the globe more significantly. Therefore, in the near future, it is anticipated that the market of remittance will increase across the globe more positively over the recent few years.
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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)
Ankur Gupta, Head Marketing & Communications