LemFi Expands to Egypt, Tapping Into $29.6B Remittance Corridor
- LemFi has launched its services in Egypt, focusing on the large diaspora and remittance market.
- Egypt received a record $29.6 billion in remittances in 2024, nearly double the previous year.
- Remittances account for 6.11% of Egypt's GDP, making it a key player in global money transfer flows.
LemFi's entry into the Egyptian market represents a strategic move to leverage the growing remittance sector, which is crucial for the country's economy. This expansion not only highlights the potential for fintech growth in North Africa but also emphasizes the need for affordable and efficient financial solutions for diaspora communities. Further discussions could explore the competitive landscape and the impact of digital payment reforms in Egypt.
