$1.65bn in transfers done through the company during 2022: IBAG
International Business Associates Group for Money Transfer Services, S.A.E. (IBAG) recorded a total of $1.65bn 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.
The company said in a statement, that with such growth, along with its future plans, remittances via IBAG are expected to reach a value of $3.5bn in 2025, doubling the company’s share in the Egyptian market over the course of the next three years.
According to the company, it achieved a growth rate of 7% in its business in 2022 compared to 2021.
Mustafa Sarhank, Executive Chairperson of IBAG, said that 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.”
He added that as IBAG stresses 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 Sarhank.