Ripple, the leading crypto payments giant, has recently formed a strategic partnership with fintech company Onafriq to facilitate cross-border payments between Africa and the rest of the world. This collaboration aims to utilize Ripple’s blockchain payments technology to establish three new payment corridors, connecting 27 African countries with markets in the UK, Australia, and the Gulf region. The announcement was made during Ripple’s annual conference, Swell, held in Dubai.
Redefining Cross-Border Payments
By leveraging Ripple’s technology, Onafriq aims to revolutionize cross-border payments by eliminating traditional pain points such as lengthy transfer times, unreliability, and excessive costs. The partnership brings more efficient and cost-effective international remittances to Africa, ultimately accelerating financial inclusion across the continent. Dare Okoudjou, CEO at Onafriq, emphasized the company’s commitment to “mak[ing] borders matter less” in terms of payments.
“We are particularly excited to expand the reach of our solution into Africa thanks to our Onafriq partnership,” said Aaron Sears, SVP, Global Customer Success at Ripple.
Onafriq: Transforming Mobile Payments in Africa
Onafriq, formerly known as MFS Africa, is a leading mobile payments fintech in Africa. The company’s recent rebranding reflects its evolution into a versatile omnichannel platform, expanding its services beyond mobile finance. By collaborating with customers of PayAngel in the UK, Pyypl in the Gulf Cooperation Council (GCC), and Zazi Transfer in Australia, Onafriq aims to establish strong alliances and enhance its services on a global scale.
The partnership between Ripple and Onafriq marks a significant milestone for both companies, and it showcases the growing importance of blockchain technology in the cross-border payments industry. As Ripple continues to expand its presence globally, it has also announced its involvement in a central bank digital currency (CBDC) project with the National Bank of Georgia (NBG).
Additionally, the recent approval of the XRP token by the Dubai Financial Services Authority has resulted in a spike in its value, further solidifying Ripple’s position as a key player in the cryptocurrency market.
