Ripple, the major distributor of XRP, has been announcing industry-shaking partnerships lately and another has recently joined the list. Ripple has allied with another payments fintech company, Onafriq (formerly known as MFS Africa). Together, they could transform the landscape of cross-border payments by harnessing the power of digital assets.
Ripple recently shared this notable development on X. This partnership is poised to revolutionize international money transfers between Africa and various emerging markets, including the Gulf Cooperation Council (GCC), the United Kingdom, and Australia.
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. 🌍
Learn more: https://t.co/FU0pjHuqIA
— Ripple (@Ripple) November 8, 2023
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Onafriq and Ripple’s Cross-Border Payment Revolution
Onafriq, powered by Ripple’s cutting-edge crypto technology, is building three payment pathways that will seamlessly connect Africa to the rest of the world.
These pathways will empower customers of leading financial institutions, including UK-based PayAngel, GCC’s Pyypl, and Australia’s Zazi Transfer, to conduct swift, reliable, and cost-effective remittances and business payments to recipients across 27 countries within Onafriq’s extensive pan-African network.
Ripple and Onafriq’s partnership is poised to address the challenges of traditional cross-border payments, like long transfer times and exorbitant fees. This partnership could usher in a new era of efficient and affordable international money transfer solutions for Africa. This, in turn, advances the cause of financial inclusion throughout the continent.
According to Ripple’s official blog post, Aaron Sears, the Senior Vice President of Global Customer Success, expressed his enthusiasm about the expansion of Ripple’s cross-border payment solution to Africa.
One of Onafriq’s remarkable strengths is its vast footprint in mobile money movement across Africa. Ripple’s crypto-enabled solutions will provide individuals worldwide with the benefits of faster and more cost-effective transactions when sending money to Africa.
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Mobile money has emerged as a pivotal driver of financial inclusion and access to financial services in Africa. Onafriq is at the forefront, with a payment hub connecting over 500 million mobile wallets across 1,300 payment corridors with a foothold in 40 African nations.
The collaboration between Ripple and Onafriq is set to bring about a profound transformation in the world of cross-border payments. This partnership will provide enhanced payment pathways, improve financial inclusion, and give Ripple’s innovative solutions extensive reach. This partnership could also broaden the use of XRP and give SWIFT a run for its money.
This partnership isn’t the only major one Ripple is working on now. The National Bank of Georgia recently shortlisted the company for a CBDC project, and it is in talks with the Australian Freight and Trade Alliance (FTA) for a potential partnership.
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