UK-based LemFi launches international payment services in Egypt
The expansion aims to serve Egypt's sizable diaspora by offering low-cost and reliable money transfers from key markets including the United States, Canada, the United Kingdom, and Europe.
Egypt received a record $29.6 billion in remittances in 2024, nearly doubling the previous year's figure.
In 2023, remittances accounted for 6.11% of the country's gross domestic product (GDP), reflecting their critical role in supporting the national economy.
LemFi's entry into Egypt builds on its existing presence in North Africa, where it already serves the Moroccan and Tunisian diasporas.
The move aligns with broader trends in digital payments adoption across the region and responds to growing demand from skilled Egyptian workers and residents abroad seeking efficient ways to support their families at home.
© 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info).
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