Ripple, a leading enterprise blockchain and cryptocurrency solution provider, partners with leading payments fintech Onafriq to launch digital asset-powered cross-border payments across Africa to multiple new markets, including Australia, the GCC (Gulf Cooperation Council), and the UK.
By developing and enhancing three additional payment channels that connect Africa to the rest of the world, Orafiq has utilized Ripple Payments, the most recent crypto-based payment technology. Customers are able to transfer funds quickly and securely through Onafriq’s extensive network coverage in more than 27 African countries, in collaboration with Pyypl (GCC), Zazi Transfer (Australia), and PayAngel (UK).
Onafriq utilizes an innovative financial service for cross-border payment through ripple cryptocurrency, mitigating the typical problems of long transfer times, unreliability, and high prices. The partnership seeks to offer a quicker, cheaper, and more reliable global payment system in Africa to boost financial inclusion.
Aaron Sears, the Senior Vice President of Global Customer Success at Ripple, affirms that their firm strongly advocates for the use of crypto assets in cross-border payment transactions among individuals and firms. He was thrilled at the recent launch of their joint project with Onafriq, geared towards expanding their African markets. Through Ripple Payments via Onafriq, more people worldwide will receive quicker and cheaper means of remitting funds to Africa by connecting with partners like Zazi Transfer, Pyypl, and PayAngel, amongst others.
On a continent where mobile money has contributed to more affordable access to financial services and has emerged as a crucial enabler of financial inclusion in African nations, Onafriq has the most significant mobile money movement footprint. In forty African countries, a Fintech-powered payment gateway connects to more than 500 million mobile wallets. The system functions across over 1300 payment corridors throughout the continent, facilitating both interregional and transnational transactions.
Swell Global 2023, Ripple’s seventh annual customer conference in Dubai, was attended by Dare Okoudjou. Onafriq founder and CEO Okoudjou wishes to remove financial restrictions throughout Africa and beyond. The innovative financial startups PayAngel, Pyypl, and Zazi Transfer join Ripple in building frictionless connections. These agreements could revolutionize remittances by offering convenient, safe, and cheap services throughout Africa to the world. Onafriq is taking a first step toward an all-Africa crypto strategy, as blockchain affects people and businesses across the continent.
Ripple has gained global recognition for its primary payment products and for pioneering solutions to cross-border payment challenges worth billions of dollars using cryptocurrencies and blockchain technology. Furthermore, when it came to tackling exceedingly complex issues such as developing a payment infrastructure for a blockchain, the organization began from the very beginning. Later, they worked on related problems such as liquidity management and tokenized forms of Central Bank Digital Currencies (CBDCs). At present, the platform caters to a substantial user base spanning six continents and over fifty-five countries, offering payout options in over seventy regions.
The Ripple and Onafriq deal marks a new chapter for fast and cheap transfers across African borders. This partnership will continue to shape how the crypto world advances. It will encourage more financiers into the digital asset world, promoting financial inclusion across Africa as it is known today.