Ripple is constantly gaining new grounds as it keeps pulling new clients under its network of institutions, RippleNet. The blockchain company has now on-boarded the National Bank of Egypt to help the institution facilitate payment remittances.

A local Egyptian news report states that the National Bank of Egypt has signed a cooperation agreement with Ripple to offer a new way to receive payments from Egyptians in the Diaspora, via blockchain technology.

The partnership between both parties will see a lot more speed and general efficiency with the remittance of funds by Egyptian who are not in the country, sending money back to their loved ones.

At the moment, RippleNet already boasts of over 300 different financial institutions that employ Ripple’s several products using blockchain technology, for payments.

The National Bank also hopes that the new method will allow the remittance market to grow at a higher rate than it currently does. Furthermore, it would give the institution the opportunity to provide these opportunities while maintaining international standards with remittance as well as insurance.

The National Bank of Egypt is also optimistic about the partnership because it will ensure a reduced rate of errors and general failures with these remittances.

Last year, Egypt began a crypto-forward journey by loosening restrictions placed on the sector.

Image Credits: Pixabay

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