Egypt’s remittance sector is attracting growing investment as financial institutions and fintech companies race to modernise the channels through which millions of Egyptians abroad send money home, a market that remains one of the country’s most important sources of foreign currency.
The latest sign of that trend comes from EFG Finance, the non-bank financial services arm of EFG Holding, which this week outlined expansion plans for Balad, a remittance infrastructure company in which it holds a controlling stake. The move reflects increasing investor interest in the digital infrastructure underpinning cross-border payments rather than the consumer-facing transfer business itself.
Founded in 2022, Balad has shifted from its original model to become a business-to-business platform serving banks, exchange houses, financial institutions and other organisations involved in remittance flows. The company says its technology is designed to make cross-border transfers faster, more secure and fully compliant with Egyptian regulations.
The development comes as Egyptian authorities push for more regulated and digitally enabled channels for money transfers. In February 2025, Balad became the first Egyptian remittance aggregator to go live with full approval from the Central Bank of Egypt through a partnership with Banque du Caire, according to the company.
Remittances play a critical role in supporting households, boosting financial inclusion and strengthening Egypt’s external finances. With millions of Egyptians living and working overseas, improving the efficiency and transparency of cross-border transfers has become a priority for both policymakers and financial institutions.
“Remittances are a vital pillar of Egypt’s foreign currency inflows and an essential financial bridge between Egyptians abroad and their families at home,” said Aladdin ElAfifi, chief executive of EFG Finance.
He said the company’s focus is to support Balad in “scaling its infrastructure, expanding its partnerships, and contributing to a more efficient, secure, and digitally enabled remittance ecosystem”.
Investors backing the company say regulated infrastructure is becoming increasingly important as financial services digitise. Selma Ribica, co-founder and managing partner at First Circle Capital, said the firm’s continued investment reflected confidence in “building a compliant platform for one of Egypt’s most critical financial flows”.
For Adham Azzam, founder and chief executive of Balad, the opportunity lies in providing the technology connecting global money transfer operators with Egypt’s domestic financial system. “I founded Balad with a clear vision: to build the infrastructure that powers the future of remittances in Egypt,” he said.
EFG Finance acquired a controlling stake in Balad earlier this year. While the company continues to operate under its existing management, the investment signals broader confidence that digital infrastructure, compliance capabilities and institutional partnerships will play a growing role in the evolution of Egypt’s remittances market.
