Ripple, the US-based blockchain-based cross-border remittance payment company, announced in an announcement released May 18 that it has partnered with the country’s largest bank, the North Africa National Bank of Egypt.
In addition, the Egyptian National Bank has connected with the LuLu International Exchange, the leading financial services company based in the United Arab Emirates (UAE). They connected through RippleNet, Ripple’s global payments network.
They will work together and make efforts to enhance the referral experience in Egypt. This integration will ensure that cross-border payments from the UAE to Egypt go smoothly.
According to a report, the country of Egypt received a total of $ 24 billion in remittances in one year (in 2020). This made Egypt one of the five countries in the world to receive massive remittances. The other four countries are the Philippines, India, Mexico, and China.
Cross-border remittance payments are more important as the countries that make these remittances improve significantly from their gross domestic product. Alongside this, there are several other benefits associated with it.
While speaking about the importance of remittances, National Bank of Egypt’s Financial Institutions and International Financial Services Group Leader Hesham Elsafty said:
“Egypt is one of the five countries in the world when it comes to remittances from its foreign immigrant communities. Given the important role that remittances play in the Egyptian economy, the Egyptian National Bank is constantly striving to develop and improve the infrastructure for this business area.”
Elsafty added more to the comments, saying that this new partnership between Ripple and NBE will help the latter improve efficiency by forming new alliances.