The Bank of Egypt and the LuLu Exchange have teamed up to extend the options for making money transfers in Egypt through RippleNet. Ripple announced this on the company’s official site.
Now, Egypt’s largest banking institution, which regulates large quantities of assets within the country, will increase the amount of money transfers from the UAE through the LuLu exchange.
Workers will undoubtedly be pleased with this news, given that Egypt now has the sixth-largest population in the world receiving remittances from abroad. India, China, Mexico, and the Philippines have surpassed the nation in this list. In only one year, the diaspora of employees in the Gulf countries sent home approximately $24.4 billion.
One of the reasons Ripple needed to collaborate with the NBE and the Arab Stock Exchange is the possible increase in its attendance in the MENA region and the company’s impact on the growth of local financial markets.
Ripple co-director Navin Gupta, who is in charge of the company’s operations in the MENA region, stated that sending and receiving funds quickly and for a low fee plays an important role in the comfort of everyday life in the region. This affects the ability to buy necessities, real estate, start your own company, and pay education.
Ripple, for its part, seeks to make cross-border purchases more convenient for residents by leveling the gaps in the region’s existing payment infrastructure.