Bank of Egypt will use blockchain technology for remittance process
The financial entity signed a cooperation agreement with Ripple Company to support the development of remittance work
The National Bank of Egypt signed an agreement to use blockchain technology in the remittance process, as reported by the entity to the local Youm7 news media on February 11.
The agreement was signed by the financial entity together with Ripple Company, where it was specified to have a new communication channel to receive remittances from Egyptians abroad.
The president of the Bank, Hisham Okasha, declared that the implementation of this agreement will add a new and important tributary to receive remittances from correspondents under the name of Ripple Net, to become the first entity of its kind among Egyptian banks.
For his part, Dalia El-Baz, vice president of the bank, said the Ripple Net network includes more than 300 banks and financial institutions distributed in all countries around the world and the number of subscribers to that network is expected to grow exponentially.
Authorities assured that blockchain technology offers reliability and effective security in order to guarantee the implementation of financial operations with minimum margins of errors.