The National bank of Egypt has recently signed an agreement with the Ripple network, this is in a bid to ease off the bottlenecks faced by Egyptians in the area of inward remittances.
According to an
The occasion was witnessed by Hisham Okasha, Chairman of the National Bank of Egypt, Dalia El-Baz, Vice Chairman of the Board, amongst other dignitaries who serve as key players in the financial sector of the country.
Naveen Gupta, Managing Director of the Middle East and North Africa, expressed his happiness with the recent development, stressing that this partnership is in line with the goals the financial institution seeks to achieve.
Hisham stated after the signing that the implementation of this agreement will further boost the channel of remittance inflow through the Ripple net which would be an addition to the already existing structure.
This development also happens to be in line with the Gulf region Al-Arabi, one of the major regions the country is said to receive remittances from, considering the unified international standards for methods of handling mutual transfers between banks and various international financial institutions, this allows the expansion in opening new markets for the bank.
Data from same World Bank
Dalia El-Baz had also added that the Ripple Net network currently includes more than 300 banks and financial institutions which are spread in all countries of the world and they expect that the number of subscribers to this network would grow exponentially.
Further, the mechanisms provided by the service that aid in supporting the liquidity management as well as increasing the National Bank’s foreign currency earnings, in addition to applying the use of Blockchain technologies which contribute effectively to ensuring the implementation of financial operations with the lowest rates of errors, the Ripple Network is committed to updating the network security periodically to comply with any new security standards, which reduces dependency opportunities for anyone.
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