Ripple has formed a partnership with payments fintech Onafriq, formerly known as MFS Africa, to enable digital asset-enabled cross-border payments connecting Africa to several new markets, such as the Gulf Cooperation Council (GCC), the UK, and Australia. This collaboration is expected to bring faster, more effective, and economical global money transfers to Africa, with the potential to expedite financial inclusion throughout the continent.
Ripple x Onafriq
Under the agreement, Onafriq will use Ripple Payments – Ripple’s crypto-enabled payments technology – to create three new payment corridors between Africa and the rest of the world. This will allow customers of PayAngel in the UK, Pyypl in the GCC, and Zazi Transfer in Australia to conduct speedy and cost-effective remittance and business payments to recipients in 27 countries across Onafriq’s pan-African network.
Onafriq aims to eliminate traditional challenges linked to cross-border payments such as extended processing times, unreliable transactions, and high expenses. This collaboration is introducing quicker, more effective, and economical global money transfers to Africa, with the potential to expedite financial inclusion throughout the continent.
Ripple’s senior vice president of global customer success, Aaron Sears, stated that “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 previously operated under the name MFS Africa until early November but rebranded due to its acquisition of Global Technology Partners in June 2022. The company also entered into a partnership with Western Union for cross-border transactions earlier this year.
Partnerships, IPO Rumors and More
In recent weeks, Ripple has made significant deals. The blockchain company teamed up with Kuwait Finance House (KFH) to introduce immediate cross-border payment services. KFH commended Ripple’s proficiency in this field, generating optimism that this partnership would bring economic advantages to the Middle Eastern nation.
The National Bank of Georgia (NBG) selected Ripple to oversee its central bank digital currency (CBDC) initiatives earlier this month. Additionally, it also extended its presence into the Middle East, with approval for the use of XRP within the Dubai International Financial Centre (DIFC).
As for rumors about going public through an IPO outside of the United States, Ripple CEO Brad Garlinghouse has contemplated this idea. However, due to ongoing legal disputes with the SEC, experts argue that such a step is currently unfeasible without an exact schedule provided for the move.
Hot Take: Ripple’s Expanding Influence Through Strategic Partnerships
Ripple’s collaboration with Onafriq demonstrates its commitment to providing efficient cross-border payment solutions for various regions. With recent partnerships in different parts of the world and potential IPO rumors on the horizon, Ripple continues to solidify its position as a key player in the global financial landscape.
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