- 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.
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,
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.
In particular, NBE opened in 1898 and is the country’s largest bank in terms of assets, deposits, loans, bank capital, and more. Making the bank another critical asset to the Ripple network.
However, due to Ripple’s legal woes, the blockchain has also lost partners like MoneyGram. Notably, despite operating under challenging conditions Ripple has managed to defend its potion in the crypto top 5. In addition, the crypto has a 3% market dominance and is trading at $1.19, at the time of writing.