Ripple is set to power new payment corridors between 27 African countries and various international destinations, including Australia, the United Kingdom, and the Gulf Cooperation Council (GCC). This collaboration comes as part of a partnership with Onafriq, a leading African mobile payments provider, leveraging Ripple’s blockchain technology.
To facilitate these cross-border transactions, Onafriq will collaborate with three key partners: Zazi Transfer, which will offer transfer services to Australia; PayAngel, catering to the U.K.; and Pyypl, serving GCC member states, including Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates.
Cross-border remittances play a significant role in the African economic landscape, with millions of individuals relying on these funds for various purposes. Ripple’s senior vice president of global customer success, Aaron Sears, emphasized the growing adoption of cryptocurrencies in Sub-Saharan Africa. Countries like Nigeria, Kenya, and South Africa have increasingly embraced digital assets for everyday transactions and financial services.
Notably, Pyypl is already a Ripple partner, participating in Ripple’s on-demand liquidity (ODL) solution. Additionally, Onafriq is reported to have integrated ODL into its platform, further enhancing its capabilities for seamless cross-border payments.
MFS-Africa, a #Ripple partner (ODL) has rebranded to "Onafriq". ("MFS" belongs to a US confusing things). They are a key large payment platform and a part of the Pan-African Payment and Settlement System (PAPSS). CEO Dare Okoudjou is a SWELL '23 speaker.https://t.co/4o61c6ucZS
— WrathofKahneman (@WKahneman) November 1, 2023
It’s worth mentioning that Onafriq, previously known as MFS Africa, underwent a name change in early November. This rebranding was a result of the company’s acquisition of U.S.-based mobile payment software developer Global Technology Partners in June 2022. The decision to change the name was influenced by the trademarked status of the name “MFS” in the United States.
Onafriq has been actively expanding its reach and services, previously striking a deal with Western Union to facilitate cross-border transactions. The company’s commitment to enhancing its capabilities and expanding its network underscores the growing importance of seamless and efficient international money transfers in today’s interconnected world.
Ripple Payments, formerly known as RippleNet, unveiled its latest upgrade during Ripple’s Swell customer event in Dubai on November 8, positioning itself as a key player in the rapidly evolving landscape of cross-border payments and blockchain-based financial solutions. This partnership with Onafriq and its network of partners strengthens Ripple’s position as a leading provider of blockchain technology for international transactions.
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