rimmit Captures 10% of Egypt’s Remittance Market, Processing $2.4 Billion Annually via Strategic Banking Alliances
rimmit (formerly IBAG) has unveiled robust performance metrics, solidifying its position as a vital pillar of the Egyptian economy. The company announced it now serves over one million customers annually, executing more than 4 million transactions with a total inbound remittance value exceeding $2.4 billion. According to Managing Director Abdullah El-Sada, rimmit currently facilitates approximately 10% of all remittances from Egyptians living abroad, reflecting its critical role in supporting the nation’s foreign currency inflows.
Central to this success is rimmit’s expansive network of 176 branches, strategically developed through partnerships with Egypt's banking giants: National Bank of Egypt (NBE), Banque Misr, and Banque du Caire. These alliances have empowered rimmit to reach underserved and unbanked populations across all governorates. El-Sada emphasized that the company operates under the rigorous guidelines of the Central Bank of Egypt (CBE) and adheres to international compliance standards, ensuring a secure and transparent pipeline for global transfers.