Today Ripple announced a new partnership with Egypt’s largest bank, the National Bank of Egypt (NBE).
We’re excited to announce Egypt’s largest bank @NBE1898 is on #RippleNet, connecting with @LuLuExchange to process cross-border payments from UAE to Egypt. Learn more about the partnership here: https://t.co/gc9rHht1ii
— Ripple (@Ripple) May 19, 2021
The National Bank of Egypt was founded in 1898, and holds about a quarter of all deposits in the country. It is also the third-largest Arab bank in the world in terms of total assets.
Ripple’s announcement reveals that, thanks to the RippleNet global payments network, NBE has linked up with financial services provider LuLu International Exchange in the United Arab Emirates to process cross-border payments from the UAE to Egypt.
In fact, Egypt receives a total of about $24 billion in remittances, surpassed in this ranking only by India, China, Mexico and the Philippines.
Cross-border remittances sent through traditional systems are slow and expensive, while with RippleNet they can become faster and cheaper.
Ripple and National Bank of Egypt’s partnership for cross-border payments
RippleNet is a blockchain-based platform, and is designed to help its partners “accelerate their business performance and scale”.
NBE’s Group Head for Financial Institutions and International Financial Services, Hesham Elsafty, said:
“Egypt ranks amongst the top five countries worldwide in terms of remittances received from its overseas expatriate communities. Given the important role remittances play in the Egyptian economy, the National Bank of Egypt is continuously aiming to develop and enhance the infrastructure which pertains to this line of business,” said Hesham Elsafty, Group Head for Financial Institutions and International Financial Services at NBE.
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”.
The CEO of LuLu Financial Group, Adeeb Ahamed, added:
“Our partnership with Ripple and NBE reaffirms our commitment to enhance the payments ecosystem of the MENA (Middle East and North Africa) region through meaningful collaboration and suitable adoption of technology. By unlocking the full potential of the UAE-Egypt corridor, the partnership will help deliver a reliable, seamless and accessible cross-border payments solution for the Egyptian community and businesses in the UAE”.
However, the price of XRP did not benefit from this news, as it lost 5% compared to yesterday.