Bitcoin
$37,678.49-0.42%
Ethereum
$2,049.29+0.91%
Binance Coin
$227.11+0.49%
XRP
$0.60432088-0.59%
Solana
$58.80-1.31%
Cardano
$0.37454756-1.95%
Dogecoin
$0.08244455+1.76%
Tron
$0.11196101+3.46%
Toncoin
$2.42-0.51%
Chainlink
$14.31-1.64%
Avalanche
$21.15+0.39%
Polkadot
$5.43+5.72%
PlayIconNav
Crypto Prices CoinDesk Market Index CoinDesk Market Index
Finance

Egypt's Largest Bank Joins Ripple Network for Cross-Border Payments

Egypt is in the top five nations globally in terms of remittance flows from ex-pat communities.

By Daniel Palmer
AccessTimeIconMay 19, 2021 at 9:58 a.m. UTC
Updated May 9, 2023 at 3:19 a.m. UTC
Cairo, Egypt

Cairo, Egypt

10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

National Bank of Egypt (NBE) is to harness blockchain technology from Ripple for a remittance corridor with the United Arab Emirates (UAE).

  • Egypt's largest bank will work with financial services firm LuLu International Exchange in the UAE to serve the large number of Egyptians working in the Middle Eastern nation, California-based Ripple said on Tuesday.
  • The remittance market for Egypt is huge, with the North African country receiving $24 billion in 2020 alone, Ripple said, citing third-party data.
  • "Given the important role remittances play in the Egyptian economy, the National Bank of Egypt is continuously aiming to develop and enhance the infrastructure which pertains to this line of business," said Hesham Elsafty, group head for Financial Institutions and International Financial Services at NBE.
  • In joining RippleNet – Ripple's distributed ledger-based payments network – the bank and LuLu seek to access "cheaper, quicker and more reliable" payments, according to the announcement.
  • The firms do not make clear if they will use the XRP cryptocurrency (developed in large part by Ripple) to move liquidity. XRP is an option for clients on RippleNet.

Also read: MoneyGram to Allow Bitcoin Buying and Selling Across Retail Network

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.

Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.