Egypt’s fintech company Rimmit launches a new app to facilitate foreign currency remittances for Egyptians abroad

New identity and strategic shift

Egyptian financial solutions company Rimmit has announced the launch of its new application, “Rimmit,” aimed at simplifying foreign currency money transfers for Egyptians working abroad.

The app enables instant transfers to digital wallets and bank accounts within Egypt through APN technology, offering enhanced speed, flexibility, and security in line with the country’s financial inclusion goals.

In parallel, the company has rebranded from “iBAG” to “Rimmit,” reflecting a new strategic direction focused on delivering non-banking financial services in Egypt and beyond.

The move coincides with nearly three decades of experience in the remittance sector and underscores the company’s ambition to strengthen cross-border money transfers and facilitate seamless transactions between individuals and families worldwide.

The new platform is designed to deliver a more integrated and user-friendly financial experience, allowing users to send money directly to bank accounts and e-wallets, as well as receive transfers in cash through nearby branches, providing greater flexibility tailored to everyday needs.

The application represents an advanced digital model that redefines customer experience by combining innovation with accessibility.

Users can receive remittances via designated bank branches, transfer them to digital wallets or bank accounts, all in compliance with local and international regulatory standards.

The app supports transactions in multiple currencies, including the US dollar, euro, and Egyptian pound, ensuring a more efficient and sustainable digital financial experience.

Supporting financial inclusion

Ismail Sarhanek, Deputy Managing Director, stated that the app aims to simplify customer experiences and keep pace with the rapid evolution of digital financial services, while complying with domestic banking regulations.

He added that the company plans to expand its presence through additional branches within Egyptian banks and independent outlets across various governorates and cities.

Sarhanek noted that the Gulf region accounts for approximately 50% to 60% of total remittances sent by Egyptians working abroad through official channels into Egypt.

He added that the launch of the app marks the beginning of a new strategic phase aimed at building an integrated business model that connects international markets, enhances cross-border financial flows into Egypt, increases the number of beneficiaries, and positions Cairo as a regional hub for financial services.

Expansion plans

Abdullah Al-Sada, Managing Director of Rimmit, revealed that the company processes more than $2.4 billion annually across over 4 million transactions conducted by more than one million customers.

He added that the platform captures around 10% of these foreign currency remittance flows.

Al-Sada emphasized that achieving financial inclusion and expanding access across Egypt remains a top priority, supported by strategic partnerships with major banks, including the National Bank of Egypt, Banque Misr, and Banque du Caire.

These partnerships have enabled the company to extend its services, particularly to underserved segments.

He also noted that the company’s network has grown to 176 branches nationwide, including 39 company-owned branches and a presence in 137 partner bank branches—comprising 52 branches of the National Bank of Egypt, 60 branches of Banque Misr, and 25 branches of Banque du Caire. .

He added that the company has consistently adhered to the regulations of the Central Bank of Egypt and relevant international authorities.