The National Bank of Egypt (NBE) has connected to the global payments network RippleNet to improve the efficiency of remittances.
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 partnership with Ripple gives NBE direct access to UAE-based financial services provider LuLu Exchange. The parties strive to make payments between countries cheaper, faster and more reliable.
According to a World Bank study, in 2020, thanks to the diaspora of labor migrants in the Gulf countries, Egypt received $ 24 billion in international remittances, ranking fifth in the world in terms of this indicator after India, China, Mexico and the Philippines.
The National Bank of Egypt was founded in 1898 and has 540 branches throughout the country.
In February 2021, the international money transfer service LuLu Exchange announced the integration of the RippleNet network. The first partner of the parties was the Indian Federal Bank.
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