20 July 2026
Ripple Partners With Egypt’s Largest Bank For Cross Border Transactions
Ripple has partnered with the largest bank of Egypt, the National Bank of Egypt (NBE), for the financial institution to make use of the firm’s RippleNet to connect with the UAE-based financial services provider LuLu Exchange.
According to an announcement, this partnership aims to assist NBE to process cross-border transactions from the UAE to Egypt. Currently, Egypt is one of the largest remittance recipients globally, which received $24 billion last year. But it still falls behind India, China, Mexico, and the Philippines.
Remittances play a “significant role in a country’s gross domestic product,” as they represent money sent home. Currently, Remittance providers are working with the traditional global payments infrastructure, which is very costly and slow.
With this partnership, NBE and the LuLu Exchange will take advantage of RippleNet, which uses blockchain technology to move funds worldwide for a fraction of the cost of the traditional financial system.
Hesham Elsafty, Group Head for Financial Institutions and International Financial Services at NBE, explained:
NBE’s partnership with Ripple will help to improve overall efficiency by enabling NBE to establish new alliances across wider markets with reduced cost and quicker integration time.
The partnership comes months after Ripple was sued by the U.S. Securities and Exchange Commission (SEC), which alleged Ripple and two of its executives raised over $1.3 billion through an unregistered, ongoing digital asset securities offering. This eventually led to an XRP price crash. While the cryptocurrency later on recovered, it was delisted from several major trading platforms operating in the United States.
Ripple itself has argued the lawsuit “already affected countless innocent XRP retail holders with no connection to Ripple.” It also added it “muddied the waters for exchanges, market makers, and traders.”
Disclaimer: The author’s views and opinions are for informational purposes only and do not constitute financial, investment, or other advice.
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