International Finance

Egypt’s National Bank joins Ripple’s blockchain for faster remittances

National Bank of Egypt Ripple

The National Bank of Egypt, which is the largest commercial bank in Egypt, has signed an agreement with Ripple to use its global blockchain platform RippleNet, according to media reports.

The deal with Ripple will enable Egypt to receive remittances from Egyptians staying abroad in a faster and much cheaper way, by using RippleNet.

RippleNet is a global network with more than 300 international banks and financial institutions. By leveraging RippleNet’s network, the National Bank of Egypt will also access new markets and boost its remittances business.

The partnership with Ripple will also enable faster cross-border payments between Egypt and other countries.

Chief executive at Ripple Brad Garlinghouse told the media, “We are in a strong financial position to execute against our visions. As others in the blockchain space slowed their growth or even shut down, we have accelerated our momentum and industry leadership throughout 2019.”

It is noteworthy that Egypt is one of the highest remittance-receiving countries in the world. Reportedly, Egypt received remittances worth $26.4 billion in 2019.

According to the World Bank, the global remittance market will reach $597 billion in 2020.

The National Bank of Egypt chairman Hisham Okasha has revealed that the partnership with Ripple has come at the right time for the bank. The bank’s main focus as of late has been providing better solutions in terms of inward remittance payments and RippleNet will be implemented in this field.

He also pointed out that the National Bank of Egypt will be the first Egyptian bank to offer such a product.

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