Thunes has announced the expansion of its Direct Global Network into Egypt in a bid to offer new mobile wallet and bank account payment capabilities. According to Thunes, Egypt has witnessed a fast growth in mobile wallet adoption, influenced by the shift from cash to digital payments.

Industry data from GlobalData forecasts that mobile wallet usage in Egypt will increase by 26% annually from 2024 to 2028, reaching an estimated transaction volume of USD 3.8 billion by 2028. Expanded services for remittances to Egypt With the network expansion, Thunes' partners can now offer remittance services into Egypt, allowing payments to both bank accounts and mobile wallets. The service will cover all Egyptian bank accounts, with funds disbursed in either EGP or USD.

Additionally, the service will support all mobile wallets in the country, with payouts available in Egyptian Pounds. Thunes cites data from World Bank, which reveals that Egypt ranks as the largest recipient of remittances in the Middle East and North Africa, with inflows totalling USD 19.5 billion in 2023. Thunes’ entry into this market represents an important development for individuals and businesses relying on cross-border payments to Egypt.

Thunes officials talked about this recent expansion and expressed that it will provide the company’s partners with more control, speed, visibility, and cost efficiencies in real-time cross-border payments. They also emphasised that this expansion strengthens the company’s global presence and commitment to delivering reliable payment services through direct network connections. Other developments from Thunes In October 2024, Thunes expanded its partnership with SCB, Thailand's digital bank, to improve SCB's international remittance services through the SCB EASY app.

This partnership was designed to provide immediate, transparent, and reliable transfers to 26 countries in 17 currencies. Through this partnership, users of the SCB EASY app gained the ability to instantly transfer money to destinations such as Australia, Canada, Cambodia, China, Denmark, Finland, India, Indonesia, Japan, Malaysia, the Philippines, South Korea, Sweden, and Vietnam, all in local currencies. For more information about Thunes, please check out their detailed profile in our dedicated, industry-specific Company Database.

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