The Central Bank of Egypt (CBE) has announced preparations for the launch of the second phase of its project to digitize remittances from Egyptians working abroad, with the participation of 12 banks operating in the Egyptian market.
The CBE initiated the digital remittance project with the primary goal of providing accessible banking products to beneficiaries of these transfers, thereby fostering digital transformation and enhancing the inclusion of women within the formal financial sector.
According to the CBE, the number of female beneficiaries of these remittances in Egypt reaches approximately 1.5 million, constituting around 85% of the total beneficiaries.
The central bank highlighted the implementation of incentives designed to encourage beneficiaries to utilize prepaid cards and electronic wallets. Furthermore, agreements have been established with banks and exchange companies in Gulf countries to specifically target Egyptian workers in those nations.
