- Ripple has partnered with the National Bank of Egypt
- The bank will use RippleNet to connect with the UAE based Lulu International Exchange to process cross-border payments between the two countries
The bank, which is the largest in Egypt, will use RippleNet to connect with the UAE- based Lulu International exchange. The latter is a financial service provider and the link with the National Bank of Egypt using RippleNet will allow for the efficient processing of cross-border payments between the two countries.
Egypt has a large workforce working in the Gulf states. The expatriate workers have sent a total of $24 Billion in remittances back home in the year 2020. Egypt is thus ranked amongst the top 5 recipients of remittances after India, China, Mexico, and the Philippines. These remittances are vital for their families back home with a majority of the funds used for education, food, and other developments.
Hesham Elsafty, Group Head for Financial Institutions and International Financial Services at NBE, further explained that the bank was keen on easing the remittance process through the following statement.
NBE’s partnership with Ripple will help to improve overall efficiency by enabling NBE to establish new alliances across wider markets with reduced cost and quicker integration time. We are very excited to announce our new partnership with Ripple and Lulu which we believe will contribute to a further acceleration of the Egypt-UAE remittances corridor.
More on RippleNet
RippleNet is a blockchain-based payment network that offers ‘connections to hundreds of financial institutions around the world via a single API and makes moving money faster, cheaper and more reliable’ for the institutions and its customers. RippleNet’s on-demand liquidity (ODL), powered by XRP, provides an efficient alternative to the traditional systems that are relatively more expensive and take a much longer time to confirm transactions.