Ripple, a leader in enterprise blockchain and cryptocurrency solutions, has joined forces with the payments fintech company, Onafriq, previously known as MFS Africa, in a groundbreaking collaboration.
This partnership aims to facilitate digital asset-enabled cross-border payments connecting Africa with several new markets, including the Gulf Cooperation Council (GCC), the United Kingdom, and Australia.
Onafriq is leveraging Ripple Payments, a cutting-edge crypto-enabled payment technology, to establish three new payment corridors that bridge the gap between Africa and the rest of the world.
As a result of this collaboration, customers of PayAngel in the UK, Pyypl in the GCC, and Zazi Transfer in Australia can now enjoy fast and cost-effective remittance and business payments to recipients in 27 countries across Onafriq’s pan-African network.
In fact, Ripple’s crypto technology has been aiding in the development of cross-border payments by addressing traditional issues such as extended transfer times, unreliability, and high costs. According to both companies, this partnership promises to bring about faster, more efficient, and cost-effective international money transfers to Africa, significantly accelerating financial inclusion across the continent.
It is worth noting that Onafriq stands out as the fintech with the most extensive mobile money movement footprint across Africa. At a time when mobile money is a driving force for financial inclusion and access to financial services, Onafriq’s payment hub connects over 500 million mobile wallets across 40 African countries. Furthermore, it operates across more than 1,300 payment corridors on the continent, promoting regional payment interoperability and seamless cross-border payments.