Ripple Partners with the Largest Bank in Egypt

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Ripple Partners with the Largest Bank in Egypt
Ripple Partners with the Largest Bank in Egypt

Ripple, a provider of distributed ledger technology announced on Wednesday that it has partnered with the National Bank of Egypt.

Ripple Still Expanding its Partnership Despite SEC Lawsuit

Despite the SEC lawsuit, Ripple is still expanding its business to South Asia, the Middle East and North Africa, which is a move to increase the confidence of holding XRP.

In terms of assets, the country’s largest banking institution was founded in 1898 and can now facilitate the flow of money transfers to the United Arab Emirates through the LuLu International Exchange.

Egypt is the sixth-largest recipient of money transfers in the world. Last year, remittances from overseas workers to the country were estimated at $24.4 billion.

Navin Gupta, General Manager of Ripple’s South Asia, Middle East and North Africa Region, emphasized the importance of fast and cheap remittances in the statement:

“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.”

Ripple’s Dominance in the Middle East and North Africa Region

Ripple partnered with Abu Dhabi’s Lulu Financial Holdings in January of 2020, according to a report.

The Middle East and North Africa region has been home to Ripple for many years. In February 2018, the company reached an agreement with the Central Bank of Saudi Arabia that will allow Saudi Arabian banking institutions to use their technology to process payments.

Ripple also cooperates with banks in Oman, Kuwait and of course the United Arab Emirates.

The company also set up a regional headquarters in Dubai in November, and there are rumours that the company may be leaving the US due to regulatory uncertainties.