Fintech startup Ripple has just announced it has entered into a partnership with the National Bank of Egypt, the largest bank in the country.
According to the announcement shared by the company, the bank has joined the RippleNet network, which will allow it to facilitate remittance inflows from the United Arab Emirates through LuLu International Exchange.
Egypt is the 6th country in the world that receives more remittances. In particular, workers working abroad sent around $24.4 billion last year.
Ripple’s decision to join forces with the National Bank of Egypt is just another step of its plan to extend its presence in the MENA region, where it already works together with banks from Oman, Kuwait and the UAE.
Navin Gupta, Ripple’s MD for South Asia and MENA, has said the following in relation to the announcement:
“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 payment experience for the Egyptian community.”