Overview
Ripple has teamed up with African mobile payments provider Onafriq to establish new payment corridors between 27 African countries and Australia, the United Kingdom, and the Gulf Cooperation Council (GCC). This partnership aims to enhance cross-border payments and remittances in Africa by leveraging Ripple's blockchain technology.
The Partnership
Onafriq will utilize Ripple Payments' blockchain technology in collaboration with three partnering companies to facilitate the new payment corridors. Zazi Transfer will handle transfer services to Australia, PayAngel will serve the U.K., and Pyypl will cater to GCC member states including Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates.
Driving Crypto Adoption in Africa
Ripple's Senior Vice President of Global Customer Success, Aaron Sears, highlighted the increasing crypto adoption in Sub-Saharan Africa, particularly in countries like Nigeria, Kenya, and South Africa. Consumers in these countries are using digital assets for everyday purposes, including cross-border transactions and remittances.
Expanding Ripple's Presence
Pyypl, one of the partnering companies, is already a Ripple partner in its on-demand liquidity (ODL) solution. Onafriq is also reported to have integrated ODL. This collaboration further strengthens Ripple's presence and its mission to revolutionize cross-border payments.
Onafriq's Evolution
Previously known as MFS Africa, Onafriq changed its name after acquiring U.S. mobile payment software developer Global Technology Partners in June 2022. The name change was necessary as "MFS" is a trademarked company name in the United States. Onafriq has also struck a deal with Western Union for cross-border transactions earlier this year.
Ripple Payments' Latest Upgrade
Ripple Payments, formerly known as RippleNet, recently announced its latest upgrade at the Ripple Swell customer event in Dubai on November 8.
