Remittances are the lifeblood of a lot of countries in the Eastern part of the world. The national bank of Egypt is now tapping Ripple to improve upon the existing system of sending money.
The objective for the NBE is to provide more effective remittance corridors.
Another big Partnership for Ripple
Achieving that goal will require the use of different network providers and innovative technologies.
The National bank of Egypt is also the first Egyptian bank to use blockchain technology in an official capacity.
An official signing ceremony related to this new partnership was conducted earlier this week.
In the Middle East and North Africa, the National Bank of Egypt is well-respected and used for a variety of services.
In an effort to promote digital banking services, a partnership with Ripple can go a very long way.
For Ripple, this marks another crucial collaboration to revamp the remittance ecosystem on a global scale.
RippleNet currently spans over 300 banks and financial institutions globally.
It is expected that this number will continue to grow over time.
Through these new remittance channels, cooperation with other correspondents can be achieved.
Moreover, this move will provide ample liquidity and can boost the foreign currency revenue of Egypt’s National Bank.