By Solomon OdunayoThe strategic partner of Ripple, MoneyGram, the global money transfer giant has on 23rd January 2020 announced its strategic partnership with Suez Canal Bank to enable its Egyptian customers to receive money directly into their bank accounts.
MoneyGram International is a global leader in cross-border peer-to-peer (p2p) money transfer and payments. While Suez Canal Bank is a leading financial institution that will open the door for MoneyGram customers across the globe to send funds directly to the bank accounts of the recipients in Egypt.
The partnership promises to foster MoneyGram’s presence in Egypt, the world’s 5th largest recipient of remittances. At the same time, Suez Canal Bank will also be able to connect to the innovative MoneyGram platform in order to offer the new account deposit services to its users to leverage and to also give them access to the digitally-enabled payment and money transfer experience.
The Chief Revenue Officer at MoneyGram, Grant Lines said;
“As we execute our digital transformation to lead the industry in the digital movement of money, a key strategic priority is expanding account deposit services in major international markets. We’re excited about how this partnership with Suez Canal Bank will provide our customers in Egypt with cutting-edge capabilities that offer the industry’s best service.”
Also, the Head of Financial Institutions at Suez Canal Bank, Mahmoud Shehab shared his thought regarding the strategic partnership.
He said “partnering with MoneyGram, a global leader in cross-border peer-to-peer payments and money transfers, would benefit both institutions as we target to expand our share of the Egyptian remittances business by signing this agreement”.
This partnership has been termed as necessary for the duo at this moment. It will help to provide financial inclusion and grant MoneyGram users additional resources to leverage in their quest for easy and cost-effective cross-border money transfer.
Brad Galinghouse: Those Who Have the Least, Pay the Most
Ripple CEO, Brad Galinghouse was in a chat with The Wall Street Journal’s Phillipa LJ at WEF20 as shared by Ripple via its official Twitter account. There he was talking about the wrong side of the global financial system, whereby, those who are poor are somewhat exploited.
He then averred that the move to drastically reduce the cost of remittances has greatly impacted and eased stress for billions of people around the world, this also enables them to easily participate in the financial system.
He said, “Those who have the least, pay the most. For immigrants, dramatically reducing the cost of remittances changes the ability for billions to participate in the financial system.”
“Those who have the least, pay the most. For immigrants, dramatically reducing the cost of remittances changes the ability for billions to participate in the financial system.”
CEO @bgarlinghouse chats with @WSJ’s @PhillipaLJ at #WEF20. #Davos2020 pic.twitter.com/VOOUiEqCtQ
— Ripple (@Ripple) January 23, 2020