In a groundbreaking move that signals a new era for cross-border payments to Africa, Ripple, the world-renowned leader in enterprise blockchain and crypto solutions, has joined forces with Onafriq, the leading payments fintech formerly known as MFS Africa. This strategic partnership aims to facilitate digital asset-enabled cross-border payments between Africa and several key markets, including the Gulf Cooperation Council (GCC), the UK, and Australia.
At the heart of this partnership lies Ripple’s innovative Ripple Payments technology, which Onafriq is leveraging to open up three new payments corridors between Africa and the rest of the world. This means that customers of PayAngel in the UK, Pyypl in the GCC, and Zazi Transfer in Australia can now make speedy and cost-effective remittance and business payments to recipients in 27 countries across Onafriq’s extensive pan-African network.
We’re proud to announce that our partner @Onafriq will utilize Ripple Payments, our crypto-enabled payments technology, to open up three new payments corridors between Africa and the rest of the world. 🌍
— Ripple (@Ripple) November 8, 2023
Learn more: https://t.co/FU0pjHuqIA
This partnership marks a significant step forward in addressing the longstanding challenges that have plagued cross-border payments to Africa. By harnessing the power of Ripple’s crypto technology, Onafriq is effectively eliminating the traditional problems associated with these transactions, such as lengthy transfer times, unreliability, and excessive costs.
As a result, this collaboration is set to pave the way for faster, more efficient, and cost-effective international money transfers to Africa, ultimately accelerating financial inclusion across the continent.
A Shared Vision for a Borderless Payment Ecosystem
Expressing his enthusiasm for the partnership, Aaron Sears, SVP, Global Customer Success at Ripple, stated, “For a number of years, Ripple has been committed to supporting crypto-enabled, cross-border payments for individuals and businesses. We are particularly excited to expand the reach of our solution into Africa thanks to our Onfriq partnership.”
He further elaborated, “Connecting our partners PayAngel, Pyppl, and Zazi Transfer with Onafriq over Ripple Payments will bring the benefits of faster and more cost-effective cross-border payments to individuals seeking to send money into Africa from around the globe.”
Onafriq, with its unparalleled mobile money movement footprint across Africa, recognizes the transformative power of mobile money in driving financial inclusion and revolutionizing access to financial services across the continent. The fintech’s payment hub connects over 500 million mobile wallets across 40 African countries and operates across more than 1300 payment corridors on the continent, underpinning regional payment interoperability and seamless cross-border payments.
Dare Okoudjou, Founder and CEO of Onafriq, underscored the significance of the partnership, stating,
“Our mission is to make borders matter less when it comes to payments within, to, and from Africa. We are advancing this mission through our partnership with Ripple, which is already enabling new types of connections with fintechs such as PayAngel, Pyppl, and Zazi Transfer.”
He added, “These connections are set to enable fast, secure, and low-cost remittances at scale between Africa and the rest of the world. They represent a bold first step for our crypto strategy to leverage blockchain technologies to amplify our impact on people and businesses on the continent.”
Related: Beyond the Hype: Ripple Deploys Methodical Blockchain Payments Expansion to Capture Business Buy-In
A Legacy of Innovation and a Commitment to Financial Inclusion
Ripple, renowned for its flagship payments products, stands as the pioneer in addressing the multi-trillion dollar pain points in cross-border payments by utilizing blockchain and cryptocurrency. The company’s unwavering focus on solving the most critical challenges, including building blockchain-enabled payments infrastructure from the ground up, has paved the way for its expansion into new areas like liquidity management and tokenization, including Central Bank Digital Currencies (CBDCs). Today, Ripple proudly serves hundreds of customers in over 55 countries and 6 continents with payout capabilities in more than 70 markets.
Also Read: XRP and CBDCs: How Could XRP Be Used for Central Bank Digital Currencies?
This partnership between Ripple and Onafriq marks a pivotal moment in the evolution of cross-border payments to Africa. By harnessing the transformative power of blockchain technology and crypto solutions, these two industry leaders are poised to revolutionize the way money moves across borders, unlocking a world of opportunities for individuals and businesses alike.
As they embark on this journey of collaboration, Ripple and Onafriq are committed to advancing financial inclusion across Africa, ensuring that everyone has access to the financial services they need to thrive in today’s interconnected global economy.
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