The National Bank of Egypt, the country’s oldest and largest commercial bank, has signed a cooperation agreement with Ripple to join its RippleNet network, local media site Youm7 reports. The partnership will reportedly make NBE the first Egyptian bank to use blockchain technology.
According to NBE Chairman Hisham Okasha, NBE’s cooperation with Ripple will provide the bank’s customers with yet another communication channel to facilitate remittances from Egyptians living abroad. He noted that the RippleNet venture is part of the National Bank of Egypt’s effort to expand support for inward remittances and could facilitate its expansion into new markets as well.
NBE Vice-Chairman Dalia El-Baz noted that RippleNet’s network now includes more than 300 financial entities from around the globe. He predicted that the service would help to enhance liquidity management and increase NBE’s foreign currency earnings.
The bank anticipates that the new blockchain remittance channel will help improve customer service, expedite remittance times, and simplify compliance with international standards while reducing errors. Officials confirmed that safety and security tests for the system were successfully completed prior to the agreement’s signing.