The National Bank of Egypt (NBE) has started using the RippleNet blockchain for cross-border payments with Lulu International, a United Arab Emirates currency exchange firm.
This is the first execution on Ripple since NBE, the largest and the oldest commercial bank in Egypt (since 1898), announced the deal with Ripple in February 2020.
SEE ALSO: The National Bank of Egypt Joins the Ripple Network Becoming the First Bank in Egypt to Adopt Blockchain
Speaking about this milestone, Hesham Elsafty, Group Head for Financial Institutions and International Financial Services, NBE, 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.
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.”
– Head of Financial Institutions & International Financial Services, National Bank of Egypt
Egypt’s remittances accounted for 8.8% of the country’s GDP in 2019. In 2020, inward remittances from workers sending money back home was estimated to be $24 billion in 2020.
RippleNet, a payment messaging solution independent of XRP, has more than 300 customers globally.
Ripple is a real-time gross settlement system, currency exchange and remittance network built upon a distributed open source protocol, and supports tokens representing fiat currency, cryptocurrency, commodities, or other units of value such as frequent flier miles or mobile minutes. Ripple purports to enable secure, instantly and nearly free global financial transactions of any size with no chargebacks.
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