Ripple will operate new payment corridors between 27 African countries, Australia, the UK and the Gulf Cooperation Council (GCC) under an agreement with African mobile payment provider Onafriq.
Onafriq will use Ripple Payments’ blockchain technology with three partner companies. Zazi Transfer will provide transportation services to Australia, PayAngel will serve the UK, and Pyypl will serve the GCC member states of Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates.
Remittances make up a large portion of cross-border payments into Africa. Aaron Sears, senior vice president of global customer success at Ripple, told Cointelegraph:
“Sub-Saharan Africa has proven to be a bright spot in cryptocurrency adoption, with consumers in countries like Nigeria, Kenya and South Africa using digital assets for everyday, real-world purposes.”
Pyypl is already a partner of Ripple in its On-Demand Liquidity (ODL) solution, and Onafriq is also a partner. mentioned To have ODL integrated as well.
Related: Retail: What happens when crypto meets fintech in Africa?
Onfrik was known as MFS Africa until early November. It changed its name due to its purchase of US mobile payment software developer Global Technology Partners in June 2022. MFS is a trademarked company name in the United States. Onafrik entered into an agreement with Western Union on cross-border transactions earlier this year.
It’s great to see you all in Dubai!
Day 1 of #Ripple_Soil It launches tomorrow. pic.twitter.com/QTVGniRlBx– Ripple (@Ripple) November 7, 2023
Ripple Payments was known as RippleNet before its recent upgrade, which was announced at Ripple’s Swell customer event in Dubai on November 8.
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