The National Bank of Egypt has joined the RippleNet.

A local Egyptian electronic newspaper provided the news, and XRP research Bank XRP shared it as well.

Ghada Al-Bili also agreed to the statement that the co-operation between the National Bank and Ripple would improve liquidity management mechanism

The National Bank of Egypt has joined the RippleNet. It took this step to ensure more effective channels in the field of inward remittances. With the agreement with Ripple, new communication options are available for the Egyptians who live abroad to send money back home.

What makes this deal even more important is that the National Bank of Egypt becomes the first bank in the country to adopt Blockchain technology. A local Egyptian electronic newspaper provided the news, and XRP research Bank XRP shared it as well.

This agreement was signed in the presence of Hisham Okasha, Chairman of the National Bank of Egypt, Ghada El-Beli, Chief Executive of the Treasury, Foreign Relations and International Financial Services, Dalia El-Baz, Vice Chairman, Hisham Al-Safti, Head of the Treasury and International Financial Relations Group, Khaled Taha, Head of Operations Groups, and Sharif Safwat, Head of Technology Group Information and applications, and Abeer Khadr, head of the information security sector.

Other people present at the event included the company’s representatives and a team related to the banking sector.

After the signing ceremony, Hisham Okasha (Chairman of the National Bank of Egypt) said that the implementation of this deal would be a great way to receive remittances from the correspondents from RippleNet. This would be the first time an Egyptian bank is doing such a thing.

Dalia El-Baz (Vice Chairman of the NBE) mentioned that at present RippleNet network includes more than 300 banks and financial institutions from all over the globe. He also showed optimism regarding the growth in this number.

She further stated that the agreement wouldn’t only provide services that contribute to supporting liquidity management but also increase the National Bank’s foreign currency inflow.

Ghada Al-Bili (Chief Executive of the Treasury, Foreign Relations, and International Financial Services) also agreed to the statement that the co-operation between the National Bank and Ripple would improve liquidity management mechanisms by correspondents and the bank alike.

The authorities had stated that before the signing of this agreement, rigorous tests were conducted to ensure that the safety of the bank won’t be compromised as a result of using the Ripple network. In the end, this would be a great opportunity for both Ripple and the National Bank of Egypt.