Ripple’s Collaboration with Onafriq to Enhance Cross-Border Payments in Africa
Ripple has partnered with African payment fintech Onafriq to facilitate seamless cross-border payments for digital assets between Africa and other markets, such as the Gulf Cooperation Council (GCC), the UK, and Australia. The collaboration also aims to onboard more corporate clients, especially in the African market, which is underserved due to a poorly developed banking system.
Strategic Partnership for Efficient International Money Transfers
As part of this partnership, Onafriq will launch three corridors in the GCC, UK, and Australia. These corridors will bring faster, more efficient, and cost-effective international money transfers between Africa and these regions using Ripple’s Payments technology.
Ripple’s technology helps Onafriq address inefficiencies and high costs associated with traditional cross-border payment systems. This collaboration also promotes financial inclusion by providing financial services to underserved communities across the continent.
Ripple’s Expansion Plans and Strategic Alliances
Ripple is pioneering the use of blockchain and cryptocurrency to address inefficiencies in cross-border payments. With services accessible to customers in over 55 countries across 6 continents, Ripple continues to expand its network by partnering with new businesses.
Following a legal victory against the U.S. Securities and Exchange Commission (SEC), Ripple has been expanding its partnerships with businesses. For instance, Bank of America recently announced its collaboration with Ripple to develop a cross-border payments solution using Ripple’s XRP cryptocurrency.
Ripple Upgrades Service for Corporate Clients
Ripple recently rebranded its crypto-enabled cross-border payments solution to Ripple Payments. This transformation aims to provide businesses with a platform for faster, cost-effective international transactions.
Ripple Payments is now accessible to over 70 crypto and traditional payout markets, offering nearly 100% global payout coverage through a simplified onboarding process. The integration with the XRP Ledger’s decentralized exchange improves product performance and reduces barriers to entry into new markets.
Hot Take: Ripple’s Continued Expansion into Africa Signals New Opportunities for Financial Inclusion
Ripple’s strategic alliance with Onafriq represents a significant step toward revolutionizing cross-border payments in Africa while fostering financial inclusion. By leveraging blockchain technology and strategic partnerships, Ripple aims to bring faster, cheaper, more transparent, and secure payment solutions to underserved communities across the continent.
By
By
By
By
By