Ripple, a prominent crypto payments company, has entered into a partnership with fintech firm Onafriq to facilitate cross-border payments between Africa and various global markets. This collaboration is aimed at enabling crypto-based cross-border payments across 27 African countries to destinations that include the UK, Australia, and the Gulf region. Onafriq is leveraging Ripple’s blockchain payments technology to establish three new payment corridors.
Under this partnership, Onafriq will form connections with the customers of PayAngel in the UK, Pyypl in the Gulf Cooperation Council (GCC), and Zazi Transfer in Australia. The announcement was made during Ripple’s annual conference, Swell, held in Dubai.
Dare Okoudjou, the CEO of Onafriq, expressed the company’s mission to reduce the significance of borders in the realm of payments, aiming to provide fast, secure, and cost-effective remittances on a larger scale between Africa and the rest of the world. This initiative represents part of their strategy to leverage blockchain technology to have a positive impact on individuals and businesses.
Onafriq, a leading mobile payments fintech in Africa, recently underwent a rebranding from MFS Africa to reflect its expansion into a versatile omnichannel platform beyond mobile finance. This evolution positions Onafriq as a key player in the fintech sector on the continent.
By leveraging Ripple’s technology, Onafriq is addressing conventional payment challenges, including lengthy transfer times, unreliability, and high costs. The partnership is designed to bring more efficient and cost-effective international remittances to Africa, with the goal of advancing financial inclusion across the continent.
Aaron Sears, Senior Vice President of Global Customer Success at Ripple, expressed enthusiasm about expanding the reach of their solution into Africa through the partnership with Onafriq.
In addition to this partnership, the XRP token experienced a spike in value following its approval by the Dubai Financial Services Authority. Ripple has also recently announced its involvement in a central bank digital currency (CBDC) project with the National Bank of Georgia (NBG). These developments reflect Ripple’s ongoing efforts to play a significant role in the evolving landscape of blockchain and digital finance.