- Ripple has partnered with fintech firm Onafriq to enable cross-border payments between 27 African countries, the UK, Australia, and the Gulf Cooperation Council.
- This partnership leverages Ripple’s blockchain technology to facilitate fast, secure, and cost-effective international remittances.
Ripple’s Strategic Expansion in Cross-Border Payments
Ripple, a leading player in the global payments industry, has announced a groundbreaking partnership with Onafriq, a fintech company with an extensive network across 40 African markets. This collaboration is set to transform cross-border payments by bridging multiple continents.
Building Payment Corridors
Onafriq plans to utilize Ripple’s advanced crypto-enabled payment technology to establish new payment corridors. These corridors will connect 27 African countries with major global markets such as the United Kingdom, Australia, and the member states of the Gulf Cooperation Council (GCC) — namely the United Arab Emirates, Bahrain, Saudi Arabia, Oman, Qatar, and Kuwait.
A Vision Beyond Borders
Dare Okoudjou, the founder and CEO of Onafriq, emphasizes that this partnership aligns perfectly with his company’s mission to diminish the constraints imposed by geographical borders on financial transactions, especially in relation to Africa. He highlights the potential of this collaboration to enable
“fast, secure and low-cost remittances at scale between Africa and the rest of the world,”
marking a significant stride in their crypto strategy to leverage blockchain technologies for a broader impact.
Embracing Blockchain for Global Impact
The inclusion of countries such as Benin, Botswana, Burkina Faso, Burundi, Central African Republic, Egypt, and many others in this partnership underscores the extensive reach and potential impact of Ripple and Onafriq’s joint venture. This initiative not only represents a leap in the ease and efficiency of conducting financial transactions across these regions but also showcases the power of blockchain technology in fostering global economic integration and development.
As Ripple and Onafriq embark on this journey to redefine cross-border payments, their collaboration serves as a testament to the growing role of digital finance in bridging international markets. This innovative use of blockchain technology in the realm of financial transactions is poised to significantly enhance connectivity between diverse economic landscapes, offering a new paradigm for international remittances and financial inclusivity.
Connect with Collin Brown on X (Twitter) for valuable market insights, frequent updates, and a touch of humor!