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Emirates NBD – Egypt and Buna to boost cross-border payments

By Leandra Monteiro

June 16, 2023

  • Arab Monetary Fund
  • Arab Regional Payments
  • Buna
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Buna, Emirates NBD Emirates NBD – Egypt, a banking group in the MENAT (Middle East, North Africa and Türkiye) region, announced its partnership with the Arab payment system Buna to facilitate payments and transfers within the Arab region.

Buna is operated by the Arab Regional Payments Clearing and Settlement Organization “ARPCSO”, a subsidiary of the Arab Monetary Fund (AMF).

The partnership has been launched in the UAE and extends to Egypt to enhance digitisation. The collaboration with Buna will provide Emirates NBD – Egypt’s clients with a more rapid, efficient, and safe way to make payments and transfers within the Arab region, reinforcing its position as one of the most innovative banks in the region. Buna’s cross-border payment platform provides seamless clearing and settlement services in multiple currencies across the Arab region and is aimed at encouraging greater economic integration through increased trade and investment opportunities.

Commenting on the announcement, Amr ElShafei, Chief Executive Officer and Managing Director of Emirates NBD – Egypt said, “Emirates NBD Egypt’s partnership with Buna reflects our commitment to provide best-in-class products and services that will allow our clients to meet their goals at an accelerated pace in a rapidly evolving digital environment. The alliance with Buna further strengthens our payments strategy, offering our clients a real-time, seamless, secure, and cost-effective digital experience in the payment domain. We look forward to fully leveraging the capabilities of the platform and to take advantage of opportunities that the collaboration between Buna, the Central Bank of Egypt and Emirates NBD – Egypt will create as the regional payment system is transformed.”

Mehdi Manaa, Chief Executive Officer of Buna said, “We are pleased to welcome Emirates NBD – Egypt in Buna’s network of participants. This association reinforces our efforts to enrich trade relations in the Arab world and increases value added to the participants and their clients. We look forward to working with Emirates NBD- Egypt as we continue to develop cross-border payments in the region.

He added, “At this occasion, I would also like to thank the Central Bank of Egypt for its continuous support to Buna.”

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