National Bank of Egypt has gained access to RippleNet’s global payment network to process cross-border payments from the UAE
Ripple announced a partnership agreement with the National Bank of Egypt (NBE). Through the RippleNet global payment network, the bank has gained direct access to financial services provider LuLu International Exchange, which is based in the United Arab Emirates. This will allow NBE to process cross-border payments from the UAE.
According to a World Bank study, Egypt received $24 billion in international remittances in 2020 thanks to a large diaspora of migrant workers in the Persian Gulf, making it one of the world’s top five remittance recipients after China, India, Mexico and the Philippines.
The National Bank of Egypt is the largest Egyptian bank and was founded in 1898. NBE has 540 branches across the country.
The RippleNet system allows banks to make cross-border money transfers almost instantly and at minimal cost. There is now a lawsuit between Ripple and the U.S. Securities and Exchange Commission (SEC). The financial regulator is accusing Ripple of illegally selling $1.3 billion in securities under the guise of XRP tokens.
