Ripple (XRP) Partners With National Bank of Egypt and LuLu Exchange
CoinEdition
Published May 20, 2021 07:16AM ET
Updated May 20, 2021 07:30AM ET
Ripple (XRP) Partners With National Bank of Egypt and LuLu Exchange
- Ripple (XRP) has partnered with National Bank of Egypt.
- The deal will facilitate remittances from UAE to Egypt.
- The deal bolsters Ripple’s strong presence in the MENA region.
Battle-battered Ripple has partnered with Egypt’s largest bank, National Bank of Egypt (NBE). The new deal will enable easy remittances to Egypt.
Also, the deal strengthens the blockchain’s presence in the MENA region. So far, the distribution ledger tech provider has presence in Oman, Kuwait, UAE, and now Egypt. Also, Ripple has a regional head office in the UAE’s financial capital, Dubai.
In fact, prior to this, Ripple also signed a deal with UAE based Lulu Financial Holdings. Now, Lulu International Exchange will facilitate Ripple powered transfers from the UAE to Egypt. Notably, the Egyptian diaspora remits about $24.6 billion annually. As a result, Egypt has the sixth largest global remittance volume.
Ripple’s MD for South Asia and MENA, Navin Gupta, noted,
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