Ripple Partners With Onafriq to Boost Financial Inclusion in Africa
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Ripple Partners With Onafriq to Boost Financial Inclusion in Africa

  • Ripple partners with Onafriq
  • The partnership aims to open up three new payment corridors between Africa and the rest of the world.

Ripple is collaborating with payments startup Onafriq, formerly known as MFS Africa, to provide digital asset-enabled cross-border payments connecting Africa to numerous new markets, including the Gulf Cooperation Council (GCC), the United Kingdom (UK), and Australia.

The agreement is projected to bring faster, more effective, and cost-effective global money transfers to Africa, potentially accelerating financial inclusion across the continent.

Ripple x Onafriq

As part of the agreement, Onafriq will use Ripple Payments, Ripple’s crypto-enabled payments technology, to create three new payment corridors connecting Africa to the rest of the globe.

Customers of PayAngel in the UK, Pyypl in the GCC, and Zazi Transfer in Australia will be able to send money to recipients in 27 countries across Onafriq’s pan-African network, including Botswana, Egypt, Morocco, South Africa, Tanzania, Togo, Uganda, Zambia, and Zimbabwe, among others.

Onafriq intends to alleviate the conventional difficulties associated with cross-border payments. This includes long processing times, untrustworthy transactions, and excessive costs. This alliance is bringing faster, more effective, and cost-effective global money transfers to Africa, with the potential to accelerate financial inclusion across the continent.

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Ripple’s senior vice president of global customer success, Aaron Sears, commented,

“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 Onfriq 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.”

Onafriq, which was previously known as MFS Africa until early November, rebranded as a result of its June 2022 acquisition of Global Technology Partners, a U.S. mobile payment software provider. Earlier this year, the business also formed a cross-border transaction collaboration with Western Union.

Partnerships, IPO Rumors and More

Ripple has recently secured significant transactions. The blockchain business recently collaborated with Kuwait Finance House (KFH) to launch instant cross-border payment services. KFH praised Ripple’s expertise in this industry, expressing optimism that the relationship will benefit the Middle Eastern country’s economy.

Earlier this month, the National Bank of Georgia (NBG) appointed Ripple to supervise its central bank digital currency (CBDC) projects. It also expanded into the Middle East, with the Dubai Financial Services Authority (DFSA) approving the usage of XRP within the Dubai International Financial Centre (DIFC).

Regarding the likelihood of going public, it has been claimed that Ripple CEO Brad Garlinghouse has considered an IPO outside of the United States. However, no specific timetable for the relocation has been disclosed. According to experts, such a step is now untenable due to the continuing legal conflict with the SEC.

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