The National Bank of Egypt has started using the RippleNet blockchain to facilitate cross-border payments with the UAE-based Lulu International Exchange. The Lulu Financial Group is present in more than 11 countries and has more than 235 branches spread across the United Arab Emirates, the Gulf Cooperation Council and the Asia-Pacific region.

According to World Bank figures, Egypt allocates 8.8% of its GDP to migrant remittances. In 2020, that translated into an estimated $24 billion in money sent to the country. Hesham Elsafty, NBE, cited the need to adopt a new infrastructure to transfer remittances sent by migrants as one of the main reasons for the change. The relationship between NBE and Ripple aims to reduce costs and increase the overall efficiency of transactions.

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RippleNet uses blockchain technology to help associates around the world increase the performance and scale of their business. RippleNet has confirmed that it had more than 300 customers last year, including large banks such as the National Bank of Fujairah. On the contrary, few banks have adopted Ripple’s native token, XRP.

Bank Egypt blockchain Bank Egypt blockchain

Charles Rapulu Udoh

Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer