The agreement will enable easier transfer of remittances from Egyptians living abroad directly to Vodafone Cash Wallets with zero additional fees through the Taptap Send application. It aims to reduce reliance on bank visits or traditional money wiring channels.
This is part of Vodafone Egypt’s plan to simplify its digital payments and services and support the development of Egypt’s digital financial system and financial inclusion, according to Vodafone Egypt’s Chief Commercial Officer Kareem Eid.
Taptap Send is a venture-backed startup founded in 2018 that allows money transfers from the United Kingdom, European Union, the United States, the United Arab Emirates, Canada, and Australia to Africa, Asia, and the Caribbean.
Remittances are a key shock absorber for Egypt’s economy and one of the most stable sources of foreign currency, alongside Suez Canal revenues and tourism. They help support household spending and provide stability during periods of economic pressure.
They also help boost foreign reserves and ease the balance of payments deficit, which widened by about 61.4 percent to $1.6 billion in the first quarter of FY2025/2026, up from $991.2 million in the same period a year earlier.
Remittance inflows from Egyptians working abroad rose by 40.5 percent year on year in 2025 to $41.5 billion, up from about $29.6 billion in 2024, marking the highest level on record.
The increase follows corrective measures introduced by the Central Bank of Egypt (CBE) in March 2024, including a devaluation of the Egyptian pound and a six-percentage-point interest rate hike, which also helped narrow gaps in the domestic foreign currency market.
The CBE aims to move toward a cashless society and expand financial inclusion and is preparing its second Financial Inclusion Strategy for 2026–2030. Financial inclusion among Egyptians aged 15 and over with financial accounts rose to 77.6 percent in 2025.
The strategy aims to increase the use of financial services, promote digital finance to support the transition to a green economy, and raise financial awareness through education programmes.
Financial transactions in Egypt’s mobile wallet sector rose by 80 percent year on year to EGP 718 million in the second quarter of 2025.
Cashless transactions in Egypt are expected to grow by 14.03 percent annually to reach $27.63 billion by 2027, as e-wallets become more widely used in everyday transactions.
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