Ripple has established plans to facilitate new payment channels between 27 African countries and regions like Australia, the United Kingdom, and the Gulf Cooperation Council (GCC). This initiative is part of a partnership agreement with Onafriq, an African mobile payments provider.
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
Onafriq will leverage Ripple Payments’ blockchain technology in collaboration with three partnering companies:
- Zazi Transfer will offer transfer services to Australia
- PayAngel will cater to the U.K.
- Pyypl will facilitate transactions in GCC member states, including Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates
“Sub-Saharan Africa has proven to be a bright spot of crypto adoption, with consumers in countries like Nigeria, Kenya, and South Africa employing digital assets for real-world, day-to-day purposes,” said Ripple senior Vice President of Global Customer Success, Aaron Sears.
Onafriq is already a partner with Ripple in its on-demand liquidity (ODL) solution. Additionally, reports suggest that Pypl has also integrated ODL into its system.
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Ripple and MFS Africa Partner to Enable Low Cost Remittances Across 35 African Countries
MFS Africahas the largest mobile money footprint in Africa connecting over 400 million mobile wallets across 35 countrieshttps://t.co/jXdzyCKdDW @MFS_Africa @Ripple pic.twitter.com/ZAkNCExWYs
— BitKE (@BitcoinKE) November 19, 2022
The newly introduced payment channels will leverage Ripple Payments, a technology enabled by XRP, aimed at eliminating the prolonged transfer durations and high expenses commonly associated with traditional remittance payments. This information was detailed in a press release by Ripple.
“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,” said Aaron Sears.
Onafriq, previously known as MFS Africa until early November 2023, reportedly underwent a name change due to its acquisition of U.S.-based mobile payment software developer, Global Technology Partners, in June 2022. The alteration was necessitated as ‘MFS’ is a trademarked company name in the United States.
Onafriq is one of the world’s largest remittance services providers . Onafriq operates in 40 countries across Africa and boasts a whopping 400 million mobile wallets.
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