Ripple advances to Egypt with co-operation agreement with the country’s National Bank. Ripple took another leap towards improving cross-border remittances by inking an agreement with the National Bank of Egypt. This deal made the oldest and largest bank of the country the first one to jump on the blockchain bandwagon.
Egypt, being the fifth-largest international remittance recipient in the world, is seeking to benefit from RippleNet which extends to more than 300 banks and financial institutions – with the figure only expected to grow in the future.
Per the report, Navin Gupta, Ripple’s Managing Director of Middle East and North Africa, among others, expressed his contentment with the strategic partnership opening the scope for expansion in the Middle East.
Dalia El-Baz, Deputy Chairman of the National Bank, stated that the service offered by RippleNet will attract more customers and this is expected to increase the bank’s revenue as well. She went on to state the importance of the security offered by blockchain, and Ripple’s consistent effort in improving the security measures.
The report further stated that there was a thorough testing of the new system before the agreement was signed to do away with any loopholes.
As reported recently, Ripple acquired another partner, Intermex as part of its goal to achieve faster and cheaper cross-border remittances between the US-Mexico corridor.