Egypt Remittances Hit Record $36.5B, 66% YoY Increase

Egyptians working abroad sent home $36.5 billion.

Remittances in the same twelve months hit an all-time record. Up 66% year on year.

10 to 14 million Egyptians working across the Gulf, Europe, and North America.

Egypt is now the largest remittance-receiving country in Africa, ahead of Nigeria.

If we take that $36.5 billion figure, an 8–12% loss means $2.9 to $4.4 billion is vanishing annually into the pockets of intermediary banks and predatory FX spreads.

That isn’t just a “fee”. It’s a massive leak in the national balance sheet.

At Sempo we are solving this issue — rather than 8–12% vanishing annually, we are building a bridge to make it just 0.5%.

By slashing these fees, we unlock an additional 11.5% ($4.2 billion) that stays exactly where it belongs: in the pockets of the receivers and the heart of the Egyptian economy.