Ripple, a frontrunner in blockchain and cryptocurrency solutions, has joined forces with Onafriq, a leading payments fintech, to revolutionize digital asset-enabled cross-border payments connecting Africa with the Gulf Cooperation Council (GCC), the UK, and Australia.
The partnership marks a new era of efficiency for remittances and business payments across these regions, as Onafriq integrates Ripple’s crypto-enabled payment technology to establish new payment corridors. This collaboration is set to address the longstanding hurdles in cross-border payments, such as high costs, slow transfer times, and reliability issues, thereby accelerating financial inclusion across the African continent.
Utilizing Ripple’s robust blockchain technology, Onafriq is poised to dismantle the barriers that have historically plagued cross-border financial transactions. The collaboration will connect PayAngel in the UK, Pyypl in the GCC, and Zazi Transfer in Australia with Onafriq’s extensive pan-African network, encompassing 27 countries. This move is expected to vastly improve the speed and affordability of sending remittances and conducting business payments to Africa.
Onafriq boasts the largest mobile money footprint across Africa, a continent where mobile money has been transformative in enhancing financial services access. The fintech’s payment hub unites over 500 million mobile wallets across 40 countries, operating in more than 1300 payment corridors. This level of connectivity is pivotal for fostering regional payment interoperability and facilitating seamless cross-border transactions.
The announcement coincides with the appearance of Dare Okoudjou, Onafriq’s Founder & CEO, at Swell Global 2023 in Dubai. This event, Ripple’s annual customer conference, provides a platform to showcase the partnership’s potential to leverage blockchain technologies to amplify Onafriq’s impact on the African continent.
Aaron Sears, SVP of Global Customer Success at Ripple, expressed excitement over expanding their solutions into Africa. Meanwhile, Dare Okoudjou highlighted the partnership’s alignment with Onafriq’s mission to diminish the relevance of borders in African payments. Partner CEOs from PayAngel, Pyypl, and Zazi Transfer also shared their perspectives on the transformative potential of the collaboration for remittances and economic growth in Africa.
Image source: Shutterstock