Ripple se asocia con el Banco Nacional de Egipto
Bank of Egypt and the LuLu Exchange have joined forces to expand the possibilities of making money transfers in Egypt using RippleNet. This was published by Ripple in the company's official blog.
Now, the largest Egyptian banking institution, which controls large-scale volumes of assets within the country, will seek to increase the number of money transfers from the UAE through the LuLu exchange.
Considering that today Egypt is the 6th largest population in the world receiving remittances from abroad, workers will surely be happy with this news. In this ranking, the country was overtaken by India, China, Mexico, and the Philippines. Last year alone, the diaspora of workers in the Gulf countries sent home a total of about 24.4 billion.
One of the factors why cooperation with the NBE and the Arab Stock Exchange was a necessary step for Ripple is the potential increase in its attendance in the countries of the MENA region and the company's influence on the development of local financial markets.
Navin Gupta, co-director of Ripple, who is responsible for running the company in the MENA region, said that sending and receiving funds swiftly, while paying a minimal fee, plays a key role in the comfort of daily life in the MENA region. Not only the ability to purchase basic necessities, real estate, and open your own business depends on this but also the payment of education.
Ripple, in turn, aims to make transnational transactions more convenient for local residents by leveling out the differences that exist within the region's current payment infrastructure.