Ripple, a San Francisco-based blockchain company, yesterday announced that the National Bank of Egypt (NBE) and Lulu International Exchange, a Dubai-based financial services firm, have partnered through Ripple’s global payments network (RippleNet).
According to the official announcement, Lulu Exchange and NBE have collaborated for the smooth execution of cross-border payments from the United Arab Emirates (UAE) to Egypt. Both companies are planning to make cross-border remittance experience cheaper, quicker and reliable through RippleNet.
Egypt is one of the largest receivers of global remittances. The North African country received more than $24 billion in remittances during 2020. Egypt ranked among the top global remittance receivers in 2020 along with India, Mexico, China and the Philippines.
Commenting on the latest announcement, Navin Gupta, Managing Director of South Asia and MENA at Ripple, said: “The ability to send and receive money quickly, reliably and inexpensively today plays a larger role than ever before. Ripple is proud to partner with NBE and LuLu Exchange to bolster the MENA region’s financial infrastructure and provide a frictionless cross-border payments experience for the Egyptian community.”
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In March 2021, Ripple acquired a 40% stake in Tranglo, one of Asia’s leading cross-border payment firms.
Ripple has accelerated its global partnerships since the start of this year. RippleNet is using blockchain technology to facilitate partners worldwide. Additionally, the company reported a significant surge in demand for XRP Ledger (XRPL). During the first quarter of 2021, Ripple’s XRP sales jumped by nearly 100%.
“Our partnership with Ripple and NBE reaffirms our commitment to enhancing the payments ecosystem of the MENA (the Middle East and North African) region through meaningful collaboration and suitable adoption of technology. By unlocking the full potential of the UAE-Egypt corridor, the partnership will help deliver a reliable, seamless and accessible cross-border payments solution for the Egyptian community and businesses in the UAE,” Adeeb Ahamed, Managing Director of LuLu Financial Group mentioned in the official announcement.
Ripple reported a record number of new RippleNet customers in 2020.