Egypt’s largest public lender, the National Bank of Egypt (NBE) signed on Monday a partnership with U.S. blockchain firm Ripple to gain access to “more effective channels” for remittances.
Under the partnership, the Egyptian bank is joining Ripple’s blockchain-powered payment network RippleNet to facilitate faster and cheaper cross-border payments.
NBE’s chairman Hisham Okasha said the agreement would add a “new and important tributary” for receiving remittances from correspondents through RippleNet. This partnership is the “first of its kind” signed by an Egyptian bank, Okasha added.
RippleNet’s network currently involves more than 300 banks and financial institutions spread across the globe, with the number of member organizations expected to grow exponentially in the coming years.
Dalia El-Baz, vice chairman of NBE, told reporters that RippleNet would allow the bank to better address the needs of clients. She outlined the advantages coming from the blockchain technology, including faster transaction time and lower rates.
