Ibaj has reported that it facilitates financial transfers exceeding $2.4 billion annually, through more than 4 million transactions, serving over 1 million clients each year.
This announcement was made during a press conference held on Tuesday, where Ibaj celebrated its 30th anniversary, highlighting its long journey that has contributed to supporting the state’s foreign currency resources and enhancing trust with a broad customer base.
Event Details
Abdullah Al-Sadah, the Managing Director of Ibaj, explained that the company’s ownership structure consists of 60% held by the Serhank Group, while 40% is owned by state banks, distributed among the National Bank of Egypt, Bank Misr, and Banque du Caire. He emphasized that the company’s strategy relies on four main pillars: focusing on the customer, commitment to governance, building a strong corporate culture, and investing in innovation and digital transformation.
Since its establishment in 1995, Ibaj has played a crucial role in connecting Egyptians abroad with their families back home, acting as an agent for Western Union in Egypt, which has contributed to supporting foreign currency inflows and enhancing financial stability.
Background & Context
Ibaj's network includes 176 branches spread across the country, either through independent branches or through partner bank branches, which enhances the accessibility of its services to a larger customer base.
Egypt ranks seventh globally among the largest recipients of remittances, underscoring the importance of the role played by companies operating in this sector, especially Ibaj, in supporting the local economy.
Impact & Consequences
The company has witnessed several significant milestones throughout its journey, including its acquisition by the Zerehim Group in 2010 and its subsequent relaunch, followed by the inclusion of the National Bank of Egypt and Bank Misr as strategic shareholders in 2020, and later Banque du Caire.
Al-Sadah stressed the company’s commitment to applying the highest global standards by adhering to the regulations set by the Central Bank of Egypt, anti-money laundering and counter-terrorism financing laws, as well as implementing rigorous customer identification procedures to ensure transaction integrity and service quality.
Regional Significance
Financial remittances from abroad are one of the main sources of support for Arab economies, contributing to improving living standards and enhancing financial stability. Companies like Ibaj play a vital role in this context, reflecting the importance of innovation and expansion in providing financial services.
In conclusion, Ibaj remains a model in the field of financial transfers, continuously strengthening its position in the Egyptian market and meeting the needs of its clients.