Egyptian National Bank joins Ripple to boost remittance business

Monday 17 February 2020 13:58 CET | News

The National Bank of Egypt has signed an agreement with Ripple to establish new channels for inward remittances, according to local daily news site Youm7.

The agreement reportedly makes the National Bank the country’s first to venture into the blockchain sector. The global remittance market — referring to the money or goods that migrants send back to family and friends in their home countries — is expected to reach USD 597 billion in 2020, according to data from the World Bank.

By joining the RippleNet network — which includes over 300 international banks and institutions — the National Bank ostensibly hopes to access new markets, and to support and extend its remittance business in the Gulf region in particular.

Egypt was projected to be the fifth highest remittance recipient country worldwide in 2019 (USD 26.4 billion), following India, China, Mexico and the Philippines.

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Keywords: The National Bank of Egypt, Ripple, National Bank, bank, blockchain, remittance, EMEA, Egypt
Categories: Banking & Fintech
Countries: Egypt
This article is part of category

Banking & Fintech