Thunes, a global cross-border payments network, received all required regulatory approvals to finally expand to Egypt.
Singapore-based fintech Thunes announced a significant expansion of its Direct Global Network into Egypt on Oct.17. This development introduces mobile wallet and bank account payment options to Thunes’ Pay solutions, further enhancing its cross-border payment services in one of the most vibrant markets in the Middle East and North Africa (MENA) region.
From now on, members of Thunes’ Direct Global Network can offer consumer remittance services to both bank accounts and mobile wallets in Egypt. The freshly-available service supports all bank accounts in Egypt. Customers can receive payouts in both Egyptian Pounds and US Dollars for their convenience. In addition, Thunes’ Direct Global Network now supports all mobile wallets in Egypt, with payouts available in Egyptian Pounds.
Thunes’ Direct Global Network is an extensive payment infrastructure that connects various financial institutions, payment service providers, and digital platforms from different countries. By connecting disparate financial systems, this ecosystem simplifies the complexity of cross-border payments, making it more accessible to underserved regions and facilitating global commerce and remittances.
Thunes focuses on fast, secure, and low-cost cross-border payment solutions, enabling individuals and businesses to make international transactions affordably and with ease.
It took the company many years and countless meetings to achieve regulatory compliance in one of MENA’s most prospective markets. Egypt ranks as the top remittance-receiving market in the region, with an aggregate amount of USD 19.5 billion registered in 2023.
Besides, Egypt displays one of the quickest rates of mobile wallet adoption in Africa, experiencing a rapid shift from cash to digital payments. According to GlobalData forecasts, mobile wallet transactions in Egypt will grow at an annual rate of 26% between 2024 and 2028, with the total volume projected to reach USD 3.8 billion by 2028.
Thunes serves a range of industries, including financial institutions, digital payment providers, e-commerce platforms, and businesses that need to make international payments. Its Direct Global Network allows members to make payments in real-time in over 130 countries and more than 80 currencies. Since 2016, the network has connected more than 7 billion mobile wallets and bank accounts worldwide, via more than 320 different payment methods.
