Ripple to power new payment corridors between 27 African countries and Australia, the United Kingdom, and the Gulf Cooperation Council (GCC)
Ripple has secured a deal with African mobile payments provider Onafriq to establish new payment corridors connecting 27 African countries with Australia, the United Kingdom, and the Gulf Cooperation Council (GCC). The deal will see Onafriq utilizing Ripple Payments’ blockchain technology in collaboration with three partnering companies. Zazi Transfer will provide transfer services to Australia, PayAngel will serve the U.K. and Pyypl will serve GCC member states Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates.
Remittances make up a large part of cross-border payments to Africa, and according to Ripple senior vice president of global customer success Aaron Sears, “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.”
Pyypl is already a Ripple partner in its on-demand liquidity (ODL) solution, and Onafriq is reported to have integrated ODL as well. Onafriq, formerly known as MFS Africa, recently changed its name after acquiring U.S. mobile payment software developer Global Technology Partners in June 2022. The rebranding was necessary due to the trademarked status of the name “MFS” in the United States. Onafriq also struck a deal with Western Union on cross-border transactions earlier this year.
Ripple Payments, previously known as RippleNet, recently underwent a major upgrade, which was announced at Ripple’s Swell customer event in Dubai on Nov. 8. This development signals a significant step forward in the integration of blockchain technology in cross-border payments, harnessing the potential of digital assets for real-world purposes throughout Africa and beyond.
Sources:
– Cointelegraph: Hashing It Out: What happens when crypto meets fintech in Africa?
– Cointelegraph Magazine: Crypto Banter’s Ran Neuner says Ripple is ‘despicable,’ tips hat to ZachXBT: Hall of Flame
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