The largest and the oldest commercial bank in Egypt dubbed 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 recent development is the first execution on Ripple since NBE announced the deal with Ripple in February 2020.
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.
Meanwhile, 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.
However, the partnership with Ripple will help to improve the overall efficiency as well as enable NBE to establish new alliances across wider markets with reduced cost and faster time.