SAN FRANCISCO—Ripple is partnering with the National Bank of Egypt (NBE), the country’s largest bank.
Using the global payment network RippleNet, the bank will get a direct access to LuLu International Exchange, financial services provider, based in the United Arab Emirates. The agreement will allow NBE to process transborder payments from the UAE.
According to the World Bank, the country’s expatriate community, primarily spread across the Gulf states, wired approximately $24 billion from abroad in 2020, making Egypt one of the top five biggest payment recipients in the world, right after India, China, Mexico and the Philippines, Crypto Reporter said.
“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,” said Hesham Elsafty, group head for financial institutions and international financial services at NBE.
Largest Bank in Country
The National Bank of Egypt is the largest bank in that country, with 540 branches across Egypt. Its partnership with Ripple is expected to further enhance the payments ecosystem in the MENA region, bolster the financial infrastructure and provide a frictionless cross-border payment experience for the Egyptian community, Crypto Reporter said.