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Ripple and Onafriq Revolutionizes Cross-Border Payments: Connecting 27 African Nations with Australia, the UK, and GCC.

Crypto Ripple partners with Onafriq to power digital asset-enabled cross-border payments between Africa and the rest of the world. Ripple, a prominent player in the world of enterprise blockchain and cryptocurrency solutions, has joined forces with the leading payments fintech Onafriq, formerly known as MFS Africa. This exciting partnership, announced recently, aims to facilitate digital
Ripple partners with Onafriq to power digital asset-enabled cross-border payments between Africa and the rest of the world.
Ripple, a prominent player in the world of enterprise blockchain and cryptocurrency solutions, has joined forces with the leading payments fintech Onafriq, formerly known as MFS Africa. This exciting partnership, announced recently, aims to facilitate digital asset-enabled cross-border payments between Africa and various emerging markets, including the Gulf Cooperation Council (GCC), the United Kingdom, and Australia.

Onafriq is leveraging Ripple Payments, a cutting-edge crypto-enabled payments technology developed by Ripple, to establish three new payment channels connecting Africa to the rest of the world. This development means that customers of PayAngel in the UK, Pyypl in the GCC, and Zazi Transfer in Australia can now engage in swift and cost-effective remittances and business transactions with recipients across 27 countries in Onafriq’s extensive pan-African network.

By harnessing Ripple’s cryptocurrency technology, Onafriq is effectively tackling traditional challenges associated with cross-border payments, such as prolonged transfer times, unreliability, and excessive costs. This collaborative effort is ushering in a new era of faster, more efficient, and cost-effective international money transfers to and from Africa, significantly contributing to advancing financial inclusion across the continent.

Aaron Sears, Senior Vice President of Global Customer Success at Ripple, expressed his enthusiasm for the partnership, saying:

“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. 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.”

At this critical juncture, Onafriq boasts the most extensive mobile money network across Africa, a pivotal force in driving financial inclusion and transforming access to financial services throughout the continent. The fintech’s payment hub seamlessly connects over 500 million mobile wallets in 40 African countries and operates across more than 1,300 payment corridors, bolstering regional payment interoperability and facilitating seamless cross-border payments.

This exciting announcement coincides with Dare Okoudjou, the Founder and CEO of Onafriq, participating in Swell Global 2023, Ripple’s seventh annual customer conference, held this year in Dubai. Speaking about the partnership, Dare Okoudjou emphasized their mission, stating:

“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 flagship payment products, made waves as the first company to address the multi-trillion-dollar challenges in cross-border payments by harnessing blockchain and cryptocurrency. The company’s initial focus on solving complex problems, such as building blockchain-enabled payment infrastructure from the ground up, has since evolved to encompass new areas like liquidity management and tokenization, including Central Bank Digital Currencies (CBDCs). Today, Ripple serves hundreds of customers in over 55 countries across six continents, with payout capabilities spanning more than 70 markets.

Wasif Shakir

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