The National Bank of Egypt (NBE), the country’s largest bank, is using the RippleNet blockchain for cross border payments with Lulu International Exchange, the United Arab Emirates currency exchange firm. NBE first announced its deal with Ripple in February last year.
“Egypt ranks amongst the top five countries worldwide in terms of remittances received from its overseas expatriate communities,” said Hesham Elsafty, Group Head for Financial Institutions and International Financial Services at NBE.
“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.”
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