After Nasdaq-listed remittance firm International Money Express, London-based fintech firm Finastra and remittance firm MoneyGram, the National Bank of Egypt (NBE), the country’s biggest bank by total assets, has joined Ripple’s blockchain-based payments network RippleNet. IT now claims to be the first bank in Egypt to use blockchain technology.
Egypt is one of the top five remittance recipient countries, according to figures from the World Bank. Migrants sent $29 billion worth of funds in 2018 alone to the Middle East country.
Ripple recently said that it has crossed 300 customers and has seen 10x year-over-year growth in transactions on RippleNet.