Crypto solution provider Ripple has teamed up by collaborating with Onafriq, a pioneering African fintech company, aimed at enhancing seamless cross-border payments the exchange of digital assets between Africa and other regions, including GCC countries, the UK, and Australia.
Ripple has enhanced its payment services to capture a greater number of corporate clients. Africa represents a massive opportunity, yet its banking infrastructure often lacks sophistication. XRP aims to revolutionize this landscape and elevate banking on the continent.
Ripple partners with the leading fintech innovator in Africa.
The Gulf Cooperation Council (GCC) represents a union of six Middle Eastern countries, namely Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the UAE.
Under the joint effort, Onafriq will initiate three payment corridors featuring Pyypl in the GCC, PayAngel in the UK, and Zazi Transfer in Australia. Utilizing Ripple Payments technology, these corridors will offer expedited, efficient, and economical money transfers from Africa to other global regions.
As outlined in the press release, Ripple's technology aids Onafriq in addressing the inefficiencies and prohibitive costs of traditional international payment frameworks, thereby fostering financial inclusion by delivering financial services to previously underserved African communities.
‘By linking our partners PayAngel, Pyppl, and Zazi Transfer with Onafriq using Ripple Payments, we can deliver the perks of fast and affordable cross-border payments to individuals sending remittances to Africa from all over the world,’ declared Aaron Sears, Ripple's SVP for Global Customer Success.
Ripple stands at the forefront of blockchain and cryptocurrency implementation by addressing inefficiencies amounting to trillions of dollars in cross-border transactions. Now, Ripple's offerings span hundreds of clients scattered across over 55 countries on six different continents, with capabilities extending to over 70 markets.
Onafriq holds the title of Africa’s most extensive mobile money operator, effortlessly connecting more than 500 million mobile wallets spread across 40 African nations, boasting over 1,300 payment routes in this vast territory.
In the wake of a partial victory against the U.S. SEC, Ripple is on a relentless path of network expansion, continually forming alliances with other enterprises to integrate its seamless payment solutions.
Bank of America revealed last month its collaboration with Ripple, focused on creating a solution for cross-border payments leveraging Ripple’s XRP digital currency.
Ripple revamps its offerings to appeal more to corporate clients.
Ripple recently rebranded RippleNet, its cryptocurrency-backed international payment solution, into Ripple Payments. This revamp is designed to offer businesses a more rapid and cost-effective global transaction platform.
Ripple Payments is now reachable across over 70 digital and traditional payment markets, nearly achieving full global payout coverage through an easy onboarding process. The company has over 30 licenses, including a Major Payments Institution license from MAS and multiple Money Transmitter Licenses in the U.S.
Integrating the XRP Ledger's native decentralized exchange (XRPL DEX) boosts the product's performance and reduces entry barriers for new markets. Ripple Payments is presently exclusive to the U.S.
Looking forward to expanding globally next year, the solution is set to reach a more extensive demographic. Traditional process inefficiencies and limitations have pushed many large financial institutions toward employing blockchain technology for problem-solving.
Blockchain solutions unlock the potential for quicker, cheaper, more transparent, and secure cross-border payments, ultimately benefiting the global economy and consumers worldwide.
In September 2023, Bloomberg reported that JPMorgan is working on a blockchain-powered digital deposit token, aiming to accelerate international settlements and enable 24/7 liquidity.
JPMorgan plans to issue a token representing deposits in multiple currencies, potentially revolutionizing cross-border payments by allowing for direct bank-to-bank settlements, bypassing traditional banking channels.
