The National Bank of Egypt (NBE), the country’s largest bank by assets, joins the Ripple payments network to improve the efficiency of payment transactions.
After the parties signed a cooperation agreement, the NBE became the first Egyptian bank to use blockchain in its activities..
It is not yet known whether the National Bank will directly apply the RippleNet solution, which uses XRP cryptocurrency to process money payments.
A question of efficiency and speed transactions is important for Egypt as it is the fifth largest country in the world according to the World Bank volume of incoming money transfers. Last year alone, migrants sent $ 26.4 billion to relatives.
The NBK was far from the first major banks to join RippleNet. The network currently serves over 300 major financial institutions around the world. Cooperation will allow Egypt to simplify transactions with other correspondent banks.
The Ripple network is actively developing, and the company itself plans to hold an IPO during a year.
text: Ivan Malichenko, photo: tmweb
Egyptian National Bank Turns to Blockchain to Boost Remittance Business