The Egypt Remittance Market report titled “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)” provides a comprehensive analysis of International Remittance, Domestic Remittance, and Bill Payment Market in Egypt. It includes the transactions occurring in Egypt by major flow corridors, mode of transfer, inbound and outbound transactions, channel of transfer, and bill payment details such as type of bill payments and mode of bill payments. The report also covers the overall competitive landscape and company profiles of major Money Transfer Organizations in Egypt. The report concludes with market projection for future and analyst recommendations highlighting the major opportunities and cautions for the Egypt Remittance Market.
Egypt Remittance Market Overview and Size
Egypt Remittance Market has been one of the top Arabian countries in terms of labour supply. This results into high international inbound remittance in the country. The domestic remittance transactions are high which is due to growth in internal migration and rising urban population. Increasing nuclear families in the country has resulted into increased bill payment activities as number of subscribers for utilities, mobile telephone services and internet are on rise. Even though the international remittance market has slowed down since 2016, it is expected to recover as Middle Eastern economies invest to diversify.
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Egypt International Remittance Market
The inbound remittance has been the leading source of transaction whereas outbound remittance accounts for a marginal share; it is majorly due to the high Egyptian migration in other countries for better job opportunities. Saudi Arabia, Kuwait, UAE, Jordan among others have been major inbound remittance flow corridors which are majorly due to the substantial Egyptian migration to these countries, whereas resident from countries such as Syrian Arab Republic, West Bank and Gaza, Lebanon, and other have been major countries responsible for outbound remittance from Egypt. in Egypt International Remittance Market, bank transfer that includes usage of cheques, drafts, direct deposits, and others accounts for a major share in 2018. However, about one-fourth of the population still rely on their friends and relatives to send or receive money. It is mainly due to the lack of trust on banking channels and it is the least expensive method for migrants to save transaction fee and taxes.
Egypt Domestic Remittance Market
Banking channels has been most prominent method whereas non-banking channels accounts for a smaller share. Based on net migration flow, Port Said, Suez, Red Sea, 6th of October, and Ismalia are few of the major cities that have experienced major inflow of internal migrants, whereas Menoufia, Sharqia, Assyut, Sohag and Damietta are the cities that fall lest in net migration flow with highest number of outflow of migrants. Better job opportunities and lifestyle makes these cities major flow corridors in domestic money transfers.
Egypt Bill Payments Market
In Egypt, Bill Payments mobile services that include mobile top-ups are the largest contributor, followed by internet services which are majorly due to the ever increasing penetration of broadband internet. Utilities also accounts for a respectable share followed by other bills such as taxes, tuition fee, and more. Cash is the most preferred method opted by Egyptians. Card payment is second largest contributor in terms of transaction value and is followed by fund transfers.
Competitive Landscape in Egypt Remittance Market
The competition within Egypt International Remittance market concentrated in nature with the presence of Western Union, RIA Money Transfer, and MoneyGram. Other companies that operate in the space are OFX, XE Trade, Payoneer, and more, however they account for smaller share. in domestic remittance space Egypt Post dominates the market which is followed by ITSC Egypt (that operates in collaboration with Egypt Post), where as HSBC Egypt is the largest private company that operates in domestic money transfer services in Egypt. The Bill Payment Market in Egypt is fragmented in nature with presence of companies such as Masary, Fawry, Bee, Sadad, Aman, and others, in which Fawry and Masary combined accounted for majority of the market share.
Future Outlook and Projections
Expected continued growth in Egyptian migrants in other countries, internal migration, and increasing use of internet and mobile services is expected to sustain the growth of Egypt Remittance Market. However, policy changes in Saudi Arabia are expected to negatively impact the international remittance market in Egypt. Most of the Egyptian workers in Saudi Arabia are either expected to return to Egypt or move to other country in search of other better employment opportunities.
Key Segments Covered
Egypt International Remittance Market
By Inbound and Outbound Remittance
By Major Flow Corridors
Inbound Flow Corridors
Outbound Flow Corridors
By Mode of Transfers
Bank Transfers
Through Friends or Relatives
Through Agent or Courier
Carried Money on Their Visits
Single Size
Custom Size
Egypt Domestic Remittance Market
By Channel of Transfer
By Major Flow Corridors
Banking Transactions
Non-Banking Transactions
By Major Flow Corridors
Bank Transfers
Egypt Bill Payments Market
By Type of Bill Payments
Mobile Services
Internet Services
Utilities
By Mode of Bill Payments
Cash Payments
Card Payments
Fund Transfers
Key Target Audience
Money Transfer Organization
Bill Payment Companies
Banks
Time Period Captured in the Report:
Historical Period – 2013-2018
Forecast Period – 2019-2023
Companies Covered:
Western Union
RIA Money Transfer
MoneyGram
Egypt Post
ITSC Egypt
HSBC Egypt
Fawry
Masary
Bee: Smart Payment Solutions
Key Topics Covered in the Report
Executive Summary
Research Methodology
Egypt Remittance Market – Overview and Genesis
Egypt International Remittance Market
Egypt Domestic Remittance Market
Egypt Bill Payment Market
Egypt Remittance Market Consumer Profile
Value Chain Analysis of Egypt Remittance Market
Government Regulations in Egypt Remittance Market
Issues and Challenges in Egypt Remittance Market
Trends and Growth Drivers
Competitive Landscape and Company Profiles in Egypt Remittance Market
Future Outlook and Projections of Egypt Remittance Market
Analyst Recommendations
For More Information, refer to below link:-
Egypt Remittance Market Research Report
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