Ripple Expands Payment Pathways to Africa Amidst Growing Crypto Adoption

A New Era of Cross-Border Payments

Ripple is shaking things up with a groundbreaking deal that opens payment corridors between 27 African nations and countries like Australia, the United Kingdom, and members of the Gulf Cooperation Council (GCC). This ambitious venture comes in partnership with Onafriq, a mobile payments provider ready to revolutionize how money flows into Africa.

The Key Players

In this exciting collaboration, Onafriq will harness the power of Ripple Payments’ blockchain technology, alongside three partner companies:

• Zazi Transfer: Leading the charge to connect Australia’s remittance scene.
• PayAngel: Making waves by facilitating transactions to the U.K.
• Pyypl: Focused on the GCC’s dynamic economies including Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the UAE.

The Significance of Remittances

Remittances form a significant portion of Africa’s cross-border payments, and initiatives like these bring fresh optimism. As Aaron Sears, Ripple’s senior VP of global customer success, highlighted, “Sub-Saharan Africa has proven to be a bright spot of crypto adoption, with consumers in countries like Nigeria, Kenya, and South Africa employing digital assets for real-world, day-to-day purposes.”

Onafriq’s Evolution and Partnerships

Once known as MFS Africa, the company rebranded to Onafriq following its acquisition of Global Technology Partners in June 2022. The name change was necessary due to MFS being a trademark in the U.S. Moreover, earlier this year, Onafriq secured a deal with Western Union facilitating cross-border transactions, showcasing its strong foothold in the payment ecosystem.

Looking Towards the Future

This cutting-edge partnership exemplifies how crypto technology is crossing borders and fostering financial inclusion. With Ripple Payments, formerly known as RippleNet, gearing up for its latest innovations post the Ripple Swell event in Dubai, there’s an air of excitement—and perhaps a sprinkle of skepticism, as pointed out by Crypto Banter’s Ran Neuner. But hey, in the ever-evolving world of fintech, what’s a little controversy among friends?