Ripple Announces NEW Partnership!

By Vince • November 8, 2023 11:08 am • Comments

Ripple Labs has announced an exciting new partnership with Onafriq—a popular payment service in Africa.

Onafriq specializes in mobile payments—a quickly growing option for African customers, many of whom remain unbanked by traditional financial institutions.

A press release from Ripple Labs explained that the partnership with Onafriq will open up remittances between Africa and the surrounding international community and bolster its international payment features.

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Ripple Labs announced on Tuesday: “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 Labs issued this press release on Tuesday:

The leader in enterprise blockchain and crypto solutions, and leading payments fintech Onafriq, previously MFS Africa, announced today that they are partnering to facilitate digital asset-enabled cross-border payments between Africa and several new markets, including the Gulf Cooperation Council (GCC), the UK and Australia.

“Our partnership with Ripple and Onafriq aims to address the long-standing challenges associated with cross-border remittances into Africa.

By leveraging Ripple’s blockchain technology, our innovative payment platform and Onafriq’s extensive reach across Africa, the collaboration aims to unlock new possibilities for economic growth and financial inclusion.”

Onafriq is utilising Ripple Payments, Ripple’s crypto-enabled payments technology, to open up three new payments corridors between Africa and the rest of the world. Customers of PayAngel in the UK, Pyypl in the GCC, and Zazi Transfer in Australia are now able to make speedy and cost-effective remittance and business payments to recipients in 27 countries across Onafriq’s pan-African network1.

Using Ripple’s crypto technology, Onafriq is eliminating the traditional problems associated with cross-border payments such as lengthy transfer times, unreliability and excessive cost. In this way the partnership is bringing faster, more efficient, and cost-effective international money transfers to Africa, and is set to accelerate financial inclusion across the continent.

“For a number of years, Ripple has supported crypto-enabled, cross-border payments to individuals and businesses, and we are particularly excited to expand the reach of our solution into Africa thanks to our Onafriq partnership,” said Aaron Sears, SVP, Global Customer Success at Ripple.

“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 has the largest mobile money movement footprint across Africa at a time when mobile money is a significant driver of financial inclusion and has revolutionized 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.

One member of the crypto community had this to say: “Onafriq has the largest mobile money movement footprint across Africa at a time when mobile money is a significant driver of financial inclusion and has revolutionized 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.”

CoinDesk reports:

Three new blockchain-based payments corridors will open between Onafriq users in Africa and customers of PayAngel in the U.K., Pyypl in the Gulf Cooperation Council (GCC), and Zazi Transfer in Australia, according to an announcement Wednesday at Swell, Ripple’s annual conference, in Dubai.

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