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Thursday, 20 May 2021

NBE partners with UAE’s LuLu on remittance transfer service

Remittance transfers from the UAE to Egypt through the National Bank of Egypt (NBE) are set to become more reliable and potentially cost less under a new partnership with UAE-based financial services company LuLu International Exchange, according to a statement from Ripple. The remittance transfers will use Ripple’s blockchain payments network RippleNet to provide a “quicker and more reliable” experience for Egyptian expats, who can transfer their cross-border remittances from LuLu to NBE via the platform.

Egypt was one of the top five remittance destinations in 2020, according to the statement, with Central Bank of Egypt data putting the value of remittances last year at USD 29.6 bn, a 10% y-o-y growth despite worries that a covid-19 hit to the global economy and the oil price crash would affect remittances from Gulf states, where many Egyptians are employed. S&P Global Ratings expects remittances to remain high levels in upcoming months.

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