In an exciting new move, Dubai based financial services firm Lulu International Exchange has associated with National Bank of Egypt through San Francisco-based blockchain company Ripple’s global payments network RippleNet.
In line with this collaboration, Lulu Exchange and NBE have joined hands to enable smooth execution of cross-border payments from the United Arab Emirates (UAE) to Egypt. With an eye on the future of financial transactions, both parties are focused on making the cross-border remittance experience cheaper, quicker, and reliable through RippleNet.
Statistically speaking, Egypt is one of the major receivers of global remittances. In 2020, the North African country received over $24 billion in remittances, indicating its need to enable smooth transactions. Reportedly, Egypt has found a position among the top global remittance receivers in 2020, joining the ranks of countries like India, Mexico, China, and the Philippines.
Adeeb Ahamed, Managing Director of LuLu Financial Group reiterated the Group’s commitment to boosting the MENA region in an official statement, “Our partnership with Ripple and NBE reaffirms our commitment to enhancing the payments ecosystem of the MENA (the Middle East and North Africa) region through meaningful collaboration and suitable adoption of technology. By unlocking the full potential of the UAE-Egypt corridor, the partnership will help deliver a reliable, seamless, and accessible cross-border payments solution for the Egyptian community and businesses in the UAE.”
On this momentous occasion, news reports have quoted Navin Gupta, Managing Director of South Asia and MENA at Ripple saying “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 payments experience for the Egyptian community.”