Mashreq launches non-resident accounts for Egyptians in the UAE

Our friends at Mashreq have launched digital cross-border accounts for Egyptian nationals living in the UAE, becoming the first bank to offer a quick-remit rail between the two countries without any fees, according to a press release (pdf). Accounts can be opened in both EGP and USD through an entirely digital process, with no paperwork or bank visits necessary. This works for anyone holding a NEO, Gold, or Private account at Mashreq, the press release said.

Quick remit? 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 told 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.

Background

Egypt is not the only market where Mashreq offers non-resident accounts — it launched a similar feature in Pakistan earlier this year, and has the same offering in India, which it offers through a partner bank in the country.

The bank has already seen “huge demand” in Pakistan for the non-resident accounts since their launch in February, Al Sakaal said. It’s now also considering new markets to launch non-resident accounts and continue to capture cross-border flows passing through key remittance corridors with the UAE, she added.