- Ripple collaborates with Onafriq to launch new payment corridors, bolstering remittance and business payments across Africa.
- The partnership signifies a leap towards financial inclusion, offering a blockchain solution to traditional cross-border payment challenges.
Ripple, a global frontrunner in enterprise blockchain solutions, has strategically allied with Onafriq, the rebranded powerhouse formerly known as MFS Africa, to markedly enhance the remittance and business payment flows across the African continent. This collaboration is set to fortify connections with the Gulf nations, the UK, and Australia, laying the groundwork for a remittance revolution that covers a substantial portion of the global FX market.
Accelerating Africa’s Payment Efficiency
At the heart of this initiative lies the desire to streamline and refine the efficiency of cross-border transactions. Onafriq will leverage Ripple’s advanced crypto-enabled payments technology, which is primed to open up three transformative payment corridors. This monumental move will empower customers of PayAngel in the UK, Pyypl in the Gulf Cooperation Council, and Zazi Transfer in Australia, enabling them to perform speedy, economical remittances and business payments to recipients in 27 African nations.
The ramifications of this enhancement cannot be understated, as it targets the eradication of longstanding issues that have plagued cross-border payments—prohibitively high costs, protracted transfer durations, and a lack of reliability. By circumventing these historical hurdles, Ripple and Onafriq’s partnership heralds not only a new chapter in payment convenience but also a significant stride toward financial inclusion across the continent.
Aaron Sears, Ripple’s SVP of Global Customer Success, encapsulates the enthusiasm for this expansion, emphasizing the potential to reshape and enrich the landscape of remittances and business payments in Africa. By connecting pivotal partners with Onafriq over Ripple’s platform, the promise of more economical, swift cross-border payments becomes an imminent reality.
A Robust Mobile Money Movement
Onafriq boasts the most expansive mobile money footprint in Africa. In a region where mobile money represents a beacon of financial inclusion, it has been instrumental in democratizing access to financial services. The fintech giant’s payment ecosystem connects over half a billion mobile wallets, accentuating its pivotal role in regional payment interoperability and frictionless cross-border transactions.
As Onafriq’s Founder & CEO, Dare Okoudjou, articulates, the mission is crystal clear—to diminish the significance of borders in payment transactions within and into Africa. The Ripple partnership, he asserts, is a decisive step in actualizing this vision, leveraging blockchain technology to amplify their impact on individuals and businesses continent-wide.
Ripple’s pioneering efforts in blockchain-based payment solutions have blazed a trail in the domain of international money transfers. By solving some of the most complex challenges first—such as constructing a blockchain payments infrastructure from scratch—Ripple has positioned itself as a beacon of innovation, subsequently expanding into liquidity management and the burgeoning field of tokenization.
The announcement, dovetailing with Okoudjou’s appearance at Ripple’s Swell Global 2023 in Dubai, underscores a shared commitment to a world where economic borders are effectively rendered obsolete. This partnership not only reflects a technological leap but also a step towards a more inclusive and interconnected global financial system.
— Ripple (@Ripple) November 7, 2023
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