Thunes, the innovative platform facilitating global money transfers, has announced a significant expansion of its Direct Global Network into Egypt. This development introduces mobile wallet and bank account payment capabilities to Thunes’ Pay solutions, thereby enhancing the company’s cross-border payment services in one of the most dynamic markets in the Middle East and North Africa.
Egypt is witnessing one of the fastest growth rates for mobile wallet adoption across Africa, fueled by a rapid shift from cash to digital payments. According to GlobalData, the volume of mobile wallet transactions in Egypt is projected to grow by 26% annually from 2024 to 2028, reaching a total volume of $3.8 billion by 2028.
With this expansion, members of Thunes’ Direct Global Network will be able to offer consumer remittance services into Egypt, targeting both bank accounts and mobile wallets. This service will support all bank accounts in Egypt, allowing payouts in both Egyptian Pounds and US Dollars. Furthermore, all mobile wallets in the country will be accommodated, with payouts available exclusively in Egyptian Pounds.
Egypt ranks as the leading remittance-receiving market in the MENA region, totaling $19.5 billion in 2023, as reported by the World Bank. Thunes’ entry into this market represents a significant advancement for individuals and businesses looking for efficient cross-border payment solutions.
Aik Boon “AB” Tan, Chief Network Officer of Thunes, stated, “The expansion of Thunes’ proprietary Direct Global Network into Egypt will provide our members with enhanced speed, control, visibility, protection, and cost efficiencies for real-time cross-border payments in one of the fastest growing markets globally. This expansion underscores our unwavering commitment to achieving global reach and delivering industry-leading Quality of Service through direct network connections, enabling businesses and financial institutions to reliably process payments worldwide.”
