According to a Ripple press release From 18 May, the partnership between LuLu Exchange and the National Bank of Egypt is in response to the growing diaspora employed in the Gulf states. In 2020, Egypt received $24 billion in remittances from Gulf states, including the UAE, making it one of the top five remittance recipients globally after India, China, Mexico, and the Philippines.
Hesham Elsafty, the Group Head for Financial Institutions and International Financial Services at NBE, said that the National Bank of Egypt has been working on developing and enhancing the infrastructure which pertains to remittances.
“NBE’s partnership with Ripple will help to improve overall efficiency by enabling NBE to establish new alliances across wider markets with reduced cost and quicker integration time,” he added.
The partnership between the entities will unlock the full potential of the UAE-Egypt remittance corridor and deliver a reliable cross-border payments solution for the Egyptian community, said Adeeb Ahamed, Managing Director of LuLu Financial Group.
Earlier this year, RippleNet and LuLu Exchange partnered with India’s Federal Bank to make cross-border transactions between the UAE and India faster and more secure.