Ripple announced another strategic achievement for RippleNet that includes two financial institutions connecting through the service. National Bank of Egypt and LuLu International Exchange are the latest financial institutions to use RippleNet for their remittance services.
The decentralized infrastructure helps them connect more efficiently and provide better services for users. Egyptian citizens who work abroad, especially in UAE, are the biggest group of focus that can benefit from the new services.
Blockchain Helping More People Worldwide
Cross border payments are one of the biggest group of benefits blockchain provides for people worldwide. Decentralized services make it very easy to send and receive money in various countries with fewer limitations. Many financial institutions manage cross-border payments but still need more efficient tools. RippleNet is one of the tools that help many of these institutions provide services faster and easier. Many institutions, especially in Asia and the Middle East, use RippleNet for managing cross-border payments. National Bank of Egypt (NBE) and LuLu International Exchange are the latest ones to join the RippleNet.
The new partnership between the three companies results in faster remittances for people in UAE and Egypt, especially Egyptian citizens working in UAE. RippleNet helps NBE and LuLu connect easily and offer payment services to citizens more efficiently.
Egypt is one of the top five remittance recipients globally, and the new service for NBE users surely helps them increase payments in the coming years. Hesham Elsafty, Group Head for Financial Institutions and International Financial Services at NBE, said:
“Egypt ranks amongst the top five countries worldwide in terms of remittances received from its overseas expatriate communities. 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.”
RippleNet provides various tools and services for companies connected to the network. The most important thing is connected institutions will have the opportunity to work with numerous members worldwide. The final result will be a global network with numerous financial institutions that can manage transactions faster. Real-time payments are great opportunities from RippleNet that have resulted in attracting many financial organizations around the world. Navin Gupta, Managing Director of South Asia and MENA at Ripple, said:
“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 payments experience for the Egyptian community.”