National Bank of Egypt (NBE) has joined the global RippleNet payments network to boost remittance efficiency.
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 LuLu Exchange, a financial services provider based in the UAE. Both parties aim to make cross-border payments cheaper, faster and more reliable.
According to World Bank Migration & Development Brief 33, in 2020, thanks to the diaspora of migrant workers in the Gulf states, Egypt received $24 billion in international remittances, ranking fifth in the world for this metric after India, China, Mexico and the Philippines.
The National Bank of Egypt was founded in 1898 and operates 540 branches across the country.
Back in February 2021, LuLu Exchange announced its integration with RippleNet. The first partner was Indian Federal Bank.
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