Careem Pay launches money transfers to Egypt
Dubai, UAE: Careem Pay, the payments platform within the Careem app, expands its remittance service to Egypt, allowing UAE residents to send money directly to bank accounts in Egypt quickly and at competitive rates.
Careem Pay facilitates money transfers to some of the largest remittance corridors in the world, including India, Pakistan, the UK, Europe, and the Philippines, providing a quick and simple way to support families, manage finances, or contribute to investments abroad.
The UAE is home to a large Egyptian expat population, making Egypt one of the top five recipients of remittances from the UAE. In recent years, the overall market size of remittance from the UAE to Egypt has been estimated at approximately USD 10 billion.
Mohammad El Saadi, VP of Careem Pay, commented: 'We're excited to expand our money transfer service to an important segment of the UAE population. Many Egyptian expats in the Emirates routinely send money home to support their families or manage their personal finances. We offer some of the best rates in the market - in fact we're 50% cheaper than banks. Our transfers are near-instant, with some completed in as little as seconds. Careem Plus members are also guaranteed rates better than the rates seen on Google, allowing them to save hundreds with each transfer.'
The new corridor launch comes in time for Ramadan, a period when remittances typically see a spike as customers increase financial support to their families for charitable purposes and upcoming Eid celebrations.
Careem Pay's mission is to simplify financial services in the region through a comprehensive payments platform that offers seamless P2P and international transfers, bill payments, and other digital wallet services.
To make an international money transfer through Careem Pay, download or open the latest version of the Careem app and select 'Send Money' on the home screen.
About Careem
Careem is building the Everything App for the greater Middle East, making it easier than ever to move around, order food and groceries, manage payments, and more. Careem is led by a powerful purpose to simplify and improve the lives of people and build an awesome organisation that inspires. Since 2012, Careem has created earning opportunities for over 2.5 million Captains, simplified the lives of over 70 million customers, and built a platform for the region's best talent to thrive and for entrepreneurs to scale their businesses. Careem operates in over 70 cities across 10 countries, from Morocco to Pakistan.
For media inquiries:
Jasmine AlDameary
jasmine.aldameary@careem.com
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