Ripple has joined forces with the prominent payment fintech Onafriq (formerly MFS Africa), in a bid to enable seamless digital asset-powered cross-border payments between Africa and various new markets.
The partnership aims to bridge the gap between Africa and international markets. Through this partnership, Ripple and Onafriq aim to enhance the efficiency and affordability of international money transfers, thereby promoting financial inclusion across the African continent.
Onafriq is leveraging Ripple Payments’ technology to open three new payment corridors between Africa and the rest of the world. This empowers customers of PayAngel (UK), Pyypl (GCC), and Zazi Transfer (Australia) to conduct fast and cost-effective remittance and business payments to recipients in 27 countries across Onafriq’s extensive pan-African network.
This innovative approach overcomes the typical challenges of cross-border payments, such as slow transfer times and excessive costs, promising faster, more reliable, and cost-effective international money transfers.
“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.”
The partnership between Onafriq and Ripple aligns with the growing significance of mobile money in fostering financial inclusion across Africa. It represents a bold step towards using blockchain technologies to enhance the accessibility of financial services to people and businesses on the continent.
Dare Okoudjou, Founder & CEO at Onafriq, said: “Our mission is to make borders matter less when it comes to payment 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. These connections are set to enable fast, secure and low-cost remittances at scale between Africa and the rest of the world, and represent a bold first step for our crypto strategy to leverage blockchain technologies to amplify our impact on people and businesses on the continent.”
Ripple, renowned for its enterprise blockchain and cryptocurrency solutions, has been at the forefront of revolutionising cross-border payments. The company’s focus on blockchain technology and digital assets has enabled it to provide efficient, transparent, and cost-effective payment solutions, ultimately addressing long-standing challenges in the multi-trillion-dollar cross-border payments industry.
Onafriq is a leading payments-focused FinTech with a significant footprint in mobile money movement across Africa. With connections to over 500m mobile wallets in 40 African countries and operations across 1300 payment corridors, the firm plays a pivotal role in regional payment interoperability and cross-border payments in the region.
Keep up with all the latest FinTech news here.
Copyright © 2023 FinTech Global
