Ripple is expanding its presence in the MENA region after deciding to connect with Egypt’s national bank and Dubai's Lulu Exchange as announced on Wednesday.
Egypt’s largest bank was founded a long time ago in 1898. In terms of assets, this is the country's largest banking institution, LuLu International Exchange will now be able to facilitate remittance inflows from the United Arab Emirates.
Egypt is the world's sixth-largest recipient of remittances, with an estimated $24.4 billion sent home by overseas workers last year.
In his statement, Navin Gupta, Ripple's MD for South Asia and MENA, emphasized the importance of fast and cheap remittances:
“Today, the ability to send and receive money quickly, reliably, and cheaply is more important than ever. Ripple is proud to collaborate with NBE and LuLu Exchange to strengthen the MENA region's financial infrastructure and provide the Egyptian community with a frictionless cross-border payment experience.”
Egypt is a major recipient of international remittances. In 2020, the North African country received more than $24 billion in remittances. Egypt, India, Mexico, China, and the Philippines were among the top global remittance recipients in 2020.
Last January, Ripple announced a partnership with Abu Dhabi-based Lulu Financial Holdings.
For years, the MENA region has been the place to be for Ripple. In February 2018, the company signed an agreement with Saudi Arabia's central bank to use its technology to settle payments for the kingdom's banking institutions.
Ripple has also partnered with banks in Oman, Kuwait, and the United Arab Emirates.
In November, the company also established a regional headquarters in Dubai, amid rumors that it might leave the United States due to regulatory uncertainty.