We are pleased to announce today our partnership with the National Bank of Egypt (NBE), the largest bank in the North African country. Via Ripple’s global payment network RippleNet, NBE has connected with the United Arab Emirates-based financial services 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 working overseas in the Gulf states – including the United Arab Emirates – Egypt received $ 24 billion in remittances in 2020 alone. After India, China, Mexico and the Philippines, Egypt is one of the top five recipients of transfers worldwide.
Remittances are vital to the countries that receive them, and these funds play an important role in a country’s gross domestic product. Money sent home to family and friends helps pay for a wide variety of necessities – from education to groceries, to buying a home or starting your own business.
However, the inherent friction in the current global payments infrastructure makes cross-border transfers costly and slow. Through this partnership, NBE and LuLu Exchange aim to improve the cross-border transfer experience to Egypt to become cheaper, faster and more reliable.
“Egypt is one of the five countries in the world when it comes to remittances from its foreign immigrant communities. Given the important role remittances play in the Egyptian economy, the National Bank of Egypt is constantly striving to develop and improve the infrastructure for this business area, ”said Hesham Elsafty, group leader for financial institutions and international financial services at NBE.
NBE’s partnership with Ripple will help improve overall efficiency by allowing NBE to form new alliances in broader markets with lower costs and faster integration time. We are very excited to announce our new partnership with Ripple and Lulu, which we believe will help further accelerate the remittance corridor between Egypt and the United Arab Emirates, ”added Elsafty.
“Our partnership with Ripple and NBE reaffirms our commitment to improving the payments ecosystem of the MENA (Middle East and North Africa) region through meaningful collaboration and appropriate technology adoption,” said Adeeb Ahamed, General Manager of LuLu Financial Group. “By unlocking the full potential of the UAE-Egypt corridor, the partnership will help provide a reliable, seamless and accessible cross-border payment solution for the Egyptian community and businesses in the UAE.”
“The ability to send and receive money quickly, reliably and cheaply is more important today than ever before,” said Navin Gupta, managing director of South Asia and MENA. “Ripple is proud to partner with NBE and LuLu Exchange to strengthen the MENA region’s financial infrastructure and provide a seamless cross-border payment experience to the Egyptian community.”
RippleNet leverages blockchain technology to help partners in a global network accelerate their business performance and scale. It offers a great end customer experience, simplified network partnerships, liquidity management solutions, credit lines and a state-of-the-art infrastructure that enables real-time payments. If you are a financial institution looking for a competitive advantage to grow your business, get in touch today.