Egypt ranked sixth in the world and fifth among low and middle-income countries in receiving financial remittances from overseas workers in 2023, according to a branch of the World Bank. About 200 million overseas workers sent money to their home countries, benefiting 800 million family members. This would reduce the cost and time of money transfers and direct informal transfers to official channels. Post offices charged around 7%, money transfer companies 5.3%, and mobile money transfers 4.1%. However, mobile money transfers were the least used, representing less than 1% of the total volume.

Source: Daily News Egypt January 15, 2024 20:04 UTC