This article was first published on Insights – Ripple
Today, we’re excited to announce our partnership with the National Bank of Egypt (NBE), the North African country’s largest bank. Through Ripple’s global payments network RippleNet, NBE has connected with the UAE-based financial service provider LuLu International Exchange – part of the LuLu Financial Group – to process cross-border payments from the United Arab Emirates (UAE) to Egypt.
With a large diaspora employed abroad in the Gulf states – including the UAE – Egypt received $24 billion in remittances in 2020 alone, making it one of the top five remittance recipients globally after India, China, Mexico and the Philippines.
Remittances are vital for the countries that receive them and these funds play a significant role in a country’s gross domestic product. Money sent home to family and friends help to pay for a multitude of necessities – ranging from education to food, to purchasing their own home or starting their own business.
Yet, the inherent friction in the current global payments infrastructure causes cross-border remittances to be costly and slow. Through this partnership, NBE and LuLu Exchange look to elevate the cross-border remittance experience into Egypt to be cheaper, quicker and more reliable.
“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 ...
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Insights – Ripple