Mashreq just opened a direct pipeline for remittances from the UAE. The bank launched digital cross-border accounts for Egyptian nationals living in the UAE, allowing them to open EGP and USD accounts instantly through the Mashreq app with zero fees and no paperwork, according to a press release (pdf). This works for anyone holding a NEO, Gold, or Private account at Mashreq, the press release said.

A key part of this is the introduction of the first “quick-remit” rail to be launched by any bank between the two countries.

The logic: Remittances are Egypt’s lifeblood — rising 40.5% y-o-y to USD 41.5 bn last year — but a significant chunk of that flow often stays outside the banking system due to better rates or lower friction at exchange houses, Mashreq’s Global Head of Digital Strategic Partnerships Ghazal Al Sakaal tells EnterpriseAM, adding that the no-fee feature removes this barrier.

What’s next? Beyond simple transfers, the accounts allow UAE residents to buy Egyptian CDs and investment products directly from their phones. Al Sakaal tells us the next step is allowing users to open accounts for family members living in the UAE.

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