Techne Summit

IBAG speaks at Techne Summit on Fintech’s untapped potential

Cairo, 13 November 2022:

Under the auspices of the Ministry of Communications and Information Technology:

Held under the auspices of the Ministry of Communications and Information Technology, Techne Summit saw the participation of Ismail Sarhank, Deputy CEO of IBAG, the agent of Western Union in Egypt. Speaking of the opportunities and potential of the ever-growing fintech industry, Sarhank participated in the “Leaving an influential footprint: Fintech’s untapped potential” panel discussion.

In its 8th edition, Techne Summit was held earlier this month at the Bibliotheca Alexandrina with panel discussion topics coinciding with celebrations of Global Entrepreneurship Week, during the COP27 held in Sharm El-Sheikh under the auspices of his Excellency President Abdel Fattah El-Sisi.

Ismail Sarhank representing IBAG, shares their belief and support of entrepreneurship and financial technology stating “IBAG was keen to participate in the Techne Summit event this year. We believe that such an event contributes to enhancing and supporting the Egyptian government’s initiatives and development agenda towards entrepreneurship and a digital economy, both of which we ourselves are aligned on their importance in the growth of the financial sector.”

The event also supports and encourages entrepreneurs and innovators, while contributing to the success of emerging companies in the technology and communications sector as part of Egypt’s 2030 vision.

“We are continuously looking at opportunities and partnerships that support our strategic vision in accessing the untapped capabilities of the industry. IBAG has made positive strides in realizing the process of smart digitalization remittance” confirms Sarhank.

During the panel, he explained how now more than ever the industry has seen a positive appetite for digital financial solutions. “More customers are moving towards using technology as an alternative to traditional direct money transfer transactions.”

Smart digitalization in remittances is considered a milestone, especially after the launch of IBAG application soon after obtaining the approval of the Central Bank of Egypt, which makes it easier for citizens to receive their money with one click of a button.

“This is what the world is seeking now, to save the time and efforts that the financial institutions used to exert before, while working with digital money transfers.” adds Sarhank.

Servicing more than 2 million customers, with a total transfer of 2.7 million transfers, worth $1.6 billion in 2021, IBAG has untapped fintech potential. With 38 branches geographically distributed across Egypt, in addition to 106 branches of National Bank of Egypt and Banque Misr, IBAG has fostered strategic partnerships and relationships to elevate the industry.

As a testament to the potential of a true digital economy and stronger financial inclusion that has a positive impact on the Egyptian economy, Banque du Caire recently joined the shareholders of IBAG. The decision which was announced in September of this year comes following the great success realized in capturing global foreign remittances in dollars and Egyptian pounds.

Ismail Sarhank, Deputy CEO of IBAG went on to share the company’s digital strategy that extends beyond traditional money transfers. The company is intent on using digitalization in transfers and mobile wallets, building on the global experience of Western Union and the experience and capabilities of IBAG’s partners.