Careem Pay has launched a remittance service from the UAE to Egypt, offering low-cost and fast money transfers, which are 50% cheaper than banks. This service aims to support the large Egyptian diaspora during Ramadan and is part of Careem’s broader mission to simplify financial services in the region.
Careem Pay has officially launched a money transfer service from the UAE to Egypt, enabling residents to send funds directly to bank accounts efficiently and cost-effectively. This service is notably 50% cheaper than traditional bank fees, making it particularly beneficial as Ramadan approaches, a time when financial support for families is heightened.
The platform facilitates remittances to various significant destinations, including India, Pakistan, the UK, Europe, and the Philippines, simplifying the process of aiding family members and managing overseas investments. The Egyptian expatriate community in the UAE is substantial, positioning Egypt as one of the leading recipients of these remittances, with the market valued at around USD 10 billion.
Vp of Careem Pay, Mohammad El Saadi, expressed enthusiasm about the launch, noting, “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 specifically benefit from transfer rates that outperform those found on Google, yielding significant savings.
This launch aligns with increased remittance activity typically seen during Ramadan, driven by the desire to support charitable causes and families during Eid celebrations. Careem Pay aims to enhance the financial landscape in the region by providing a versatile payments platform that includes international transfers, bill payments, and various digital wallet functionalities.
To utilize Careem Pay for international money transfers, users should download or access the updated Careem app and select the ‘Send Money’ option on the home screen.
Careem Pay’s expansion into Egypt marks a significant enhancement of its remittance services, providing a vital resource for the substantial Egyptian expatriate community within the UAE. By offering instant and cost-effective transfers, especially during Ramadan, Careem is poised to meet the financial support needs of families while contributing to the region’s financial accessibility.
Original Source: techafricanews.com
