Ripple, a pioneer in blockchain-based payment solutions, has produced a significant partnership with Onafriq, a fintech company, with a vision to establish novel remittance corridors among Africa and key regions such as the Gulf Cooperation Council (GCC), the Unified Kingdom, and Australia. Leveraging Ripple’s innovative payment technology, this joint effort sets out to address normal challenges in cross-border payments, including delays and costly fees, possibly upsetting the remittance landscape in Africa.
We’re proud to announce that our partner @Onafriq will utilize Ripple Payments, our crypto-enabled payments technology, to open up three new payments corridors between Africa and the rest of the world. 🌍
Learn more: https://t.co/FU0pjHuqIA
— Ripple (@Ripple) November 8, 2023
Ripple Partnership With Onafriq, A Payment Solution Giant
This partnership arrives at an essential period, with mobile money assuming an imperative part in growing financial inclusion and transforming access to financial services across the African landmass. Onafriq stands out as a conspicuous player with an extensive mobile money organization. The company’s payment hub seamlessly connects over 500 million mobile wallets across 40 African nations, working with productive cross-border payments through over 1,300 payment corridors. This wonderful accomplishment has upgraded provincial payment interoperability as well as prepared for frictionless transactions all through Africa.
One outstanding feature in this joint effort is the support of Dare Okoudjou, Pioneer and Chief of Onafriq, at Swell Global 2023, Ripple’s annual customer conference. This year, the occasion is set to happen in Dubai. Albeit the registration for Ripple Swell has finished up, further announcements are supposed to be made soon, adding to the expectation surrounding this significant industry gathering.
Ripple’s devotion to handling the extensive challenges inside cross-border payments, an industry worth trillions of dollars, is apparent through its innovative use of blockchain technology and cryptocurrency. The company as of now serves a diverse customer base across 55 countries and 6 continents, offering payout services in north of 70 markets.
Final Thoughts
As Ripple and Onafriq combine efforts, this partnership not only has the possibility to simplify cross-border remittances for millions yet in addition to underscore the transformative force of fintech collaborations. By dispensing with the customary hurdles of costly and tedious cross-border transactions, the partnership aims to engage individuals and businesses across Africa, improving financial access and fostering monetary development.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any projects.
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Image Source: Photo by Dmitry Demidko on Unsplash // Image Effects by Colorcinch
