Ripple collaborates with Onafriq to enhance cross-border payments in Africa, connecting to new markets. This partnership aims to expedite financial inclusion across the continent.
Ripple, in partnership with payments fintech Onafriq, is set to revolutionize cross-border payments in Africa. Onafriq, formerly known as MFS Africa, will utilize Ripple’s crypto-enabled payment technology to create three new payment channels between Africa and the world. This move will enable customers in the UK, the Gulf Cooperation Council (GCC), and Australia to send remittances and conduct business transactions more swiftly and affordably to 27 African countries.
The collaboration seeks to eliminate the challenges associated with cross-border payments, such as extended processing times and high costs, potentially advancing financial inclusion across Africa. Ripple’s Senior VP, Aaron Sears, expressed enthusiasm about expanding their solution into Africa through the Onafriq partnership, highlighting the benefits of faster and cost-effective cross-border payments.
This partnership comes as Ripple makes significant strides in the industry, securing key deals with entities like Kuwait Finance House and gaining approval for XRP use in the Dubai International Financial Centre. While Ripple’s CEO, Brad Garlinghouse, has contemplated an IPO, it remains uncertain due to ongoing legal disputes with the SEC.