Extends relationship with ALEXBANK to improve customer service and convenience
by providing customers the convenience to pick up remitted funds in USD or EGP at the bank’s counters. Prior to the service upgrade, customers in Egypt could only access remitted funds through a direct bank transfer that would take anywhere between 24 to 48 hours.
“It is our quest to excel in all markets that drives us to improve customer experience by providing them with easy financial solutions with greater convenience. Egypt is an important remittance market for us in MENA region and we are delighted to have ALEXBANK support us in introducing new value added services for the benefit of the customers,” said Promoth Manghat, Chief Executive Officer, UAE Exchange.
The new cash pickup facilities complement the relationship between UAE Exchange and ALEXBANK that was first inked in 1980. “Our research shows that customers want immediacy and convenience. With the extension of our partnership with ALEXBANK, customers can pick up funds the very same day instead of waiting for money to be transferred into a bank account. This value-adding service forms part of the brand’s ethos of creating a customer-centric culture and the bank welcomes working with us towards initiatives that improve the customer experience,” said Abdul Karim Alkayed, General Manager, UAE Exchange.
Bassel Rahmy- Chief of Retail and SME Banking Group at ALEXBANK said, “We are pleased to extend further convenience to our customers through an extension of our partnership with UAE Exchange. ALEXBANK has built a leadership reputation through trust and customer service, and we are pleased that we have partners, who help us deliver greater value to our clients.”
Remittances play an important role in Egypt’s economy, contributing 6.8 per cent to the country’s gross domestic product (GDP) in 2014. The UAE to Egypt remittance corridor is a strategically important one for both countries. 2016 World Bank figures show that Egypt received an estimated USD 19.7 billion in remittances from the world over in 2015, of which USD 1.83 billion came from the UAE.
UAE Exchange witnessed a 14.4 per cent YoY increase in remittance transactions to Egypt in Q1 2016.