{"id":562348,"date":"2021-05-20T03:50:54","date_gmt":"2021-05-20T03:50:54","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/05\/20\/nbe-partners-with-uaes-lulu-on-remittance-transfer-service\/"},"modified":"2021-05-20T03:50:54","modified_gmt":"2021-05-20T03:50:54","slug":"nbe-partners-with-uaes-lulu-on-remittance-transfer-service","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/05\/20\/nbe-partners-with-uaes-lulu-on-remittance-transfer-service\/","title":{"rendered":"NBE partners with UAE\u2019s LuLu on remittance transfer service"},"content":{"rendered":"

<\/a> Remittance transfers from the UAE to Egypt through the National Bank of Egypt<\/strong> (NBE) are set to become more reliable and potentially cost less under a new partnership<\/strong> with UAE-based financial services company LuLu International Exchange, according to a statement<\/a> from Ripple. The remittance transfers will use Ripple\u2019s blockchain payments network RippleNet to provide a \u201cquicker and more reliable\u201d experience for Egyptian expats, who can transfer their cross-border remittances from LuLu to NBE via the platform.<\/p>\n

Egypt was one of the top five remittance destinations in 2020<\/strong>, according to the statement, with Central Bank of Egypt data putting the value of remittances last year at USD 29.6 bn<\/a>, a 10% y-o-y growth despite worries that a covid-19 hit to the global economy and the oil price crash would affect remittances from Gulf states, where many Egyptians are employed. S&P Global Ratings expects remittances<\/a> to remain high levels in upcoming months.<\/p>\n","protected":false},"excerpt":{"rendered":"

Egypt was one of the top five remittance destinations in 2020<\/p>\n","protected":false},"author":1,"featured_media":562349,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[10010],"tags":[707,104,72,1567,2396,90],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-562348","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-remittances","tag-blockchain","tag-economy","tag-enterpriseam","tag-lulu-group","tag-remittances","tag-uae","wpautop","entry"],"acf":{"mongo_id":"13eb8b97-fd1a-45ec-b49e-632081ecedb7","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/5\/168.jpg","photo_position":"above","related_issue":[562339],"teaser":"Egypt was one of the top five remittance destinations in 2020"},"yoast_head":"\nNBE partners with UAE\u2019s LuLu on remittance transfer service - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2021\/05\/20\/nbe-partners-with-uaes-lulu-on-remittance-transfer-service\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"NBE partners with UAE\u2019s LuLu on remittance transfer service\" \/>\n<meta property=\"og:description\" content=\"Egypt was one of the top five remittance destinations in 2020\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2021\/05\/20\/nbe-partners-with-uaes-lulu-on-remittance-transfer-service\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2021-05-20T03:50:54+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2021\/5\/168.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/05\/20\/nbe-partners-with-uaes-lulu-on-remittance-transfer-service\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/05\/20\/nbe-partners-with-uaes-lulu-on-remittance-transfer-service\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"NBE partners with UAE\u2019s LuLu on remittance transfer service\",\"datePublished\":\"2021-05-20T03:50:54+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/05\/20\/nbe-partners-with-uaes-lulu-on-remittance-transfer-service\/\"},\"wordCount\":159,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/05\/20\/nbe-partners-with-uaes-lulu-on-remittance-transfer-service\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2021\/5\/168.jpg?fit=%2C&ssl=1\",\"keywords\":[\"blockchain\",\"economy\",\"EnterpriseAM\",\"Lulu Group\",\"remittances\",\"UAE\"],\"articleSection\":[\"REMITTANCES\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/05\/20\/nbe-partners-with-uaes-lulu-on-remittance-transfer-service\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2021\/05\/20\/nbe-partners-with-uaes-lulu-on-remittance-transfer-service\/\",\"name\":\"NBE partners with UAE\u2019s LuLu on remittance transfer service - 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The agreement is meant to expedite the process\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":574748,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/09\/21\/fawry-receives-cbe-approval-for-bank-transfer-service\/","url_meta":{"origin":562348,"position":1},"title":"Fawry receives CBE approval for bank transfer service","author":"enterpriseam admin","date":"21 September 2020","format":false,"excerpt":"Fawry gets CBE nod to partner with state-owned bank for transfer service: E-payments platform Fawry has received preliminary approval from the Central Bank of Egypt (CBE) to set up a bank transfer service for Egyptian expats; the service will be offered in partnership with an unnamed state-owned bank, CEO Ashraf\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/9\/219.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":555007,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/28\/egypts-remittance-inflows-on-track-to-hit-record-high-this-year-outpace-mena-peers\/","url_meta":{"origin":562348,"position":2},"title":"Egypt\u2019s remittance inflows on track to hit record high this year + outpace MENA peers","author":"enterpriseam admin","date":"28 November 2021","format":false,"excerpt":"Remittance inflows to Egypt are on course to hit a record high this year as higher oil prices and the global economic recovery fuel an increase in transfers. Transfers from Egyptians abroad are projected to increase almost 13% to USD 33 bn this year, making Egypt one of the world\u2019s\u2026","rel":"","context":"In "THE MACRO PICTURE"","block_context":{"text":"THE MACRO PICTURE","link":"https:\/\/enterpriseam.com\/egypt\/category\/the-macro-picture\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/11\/241.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":595339,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/09\/23\/cib-partners-with-transfast-to-allow-remittance-transfers-from-egyptian-expats\/","url_meta":{"origin":562348,"position":3},"title":"CIB partners with Transfast to allow remittance transfers from Egyptian expats","author":"enterpriseam admin","date":"23 September 2019","format":false,"excerpt":"CIB has partnered with money transfer company Transfast to allow Egyptian expats to send remittances to bank accounts in Egypt, reports Akhbar Al Youm. The agreement will also allow collecting money in cash from over 950 locations.","rel":"","context":"In "Banking + Finance"","block_context":{"text":"Banking + Finance","link":"https:\/\/enterpriseam.com\/egypt\/category\/banking-finance\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":649961,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/03\/13\/remittances-from-egyptians-in-the-uae-account-for-4-of-total-remittance-outflows-uae-central-bank\/","url_meta":{"origin":562348,"position":4},"title":"Remittances from Egyptians in the UAE account for 4% of total remittance outflows -UAE central bank","author":"enterpriseam admin","date":"13 March 2017","format":false,"excerpt":"Remittance outflows from all expatriates in the UAE rose 8% year-on-year in 2016 to AED 161 bn, the UAE\u2019s central bank said, according Al Borsa. Egyptians accounted for 4% of total remittance outflows from the Emirates throughout the year, the central bank said.","rel":"","context":"In "Other Business News of Note"","block_context":{"text":"Other Business News of Note","link":"https:\/\/enterpriseam.com\/egypt\/category\/other-business-news-of-note\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":548842,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/24\/remittances-hit-all-time-high-in-fy2021-2022-driven-by-high-oil-prices-and-cds\/","url_meta":{"origin":562348,"position":5},"title":"Remittances hit all-time high in FY2021-2022, driven by high oil prices and CDs","author":"enterpriseam admin","date":"24 August 2022","format":false,"excerpt":"Remittances hit a record high for the second year running in FY 2021-2022, rising 1.6% y-o-y to USD 31.9 bn, according to central bank figures (pdf) released yesterday. 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