Ripple partners with Onafriq to launch new cross-border payment corridors in Africa, leveraging blockchain to enhance transactions. Read more on CT.
- Ripple and Onafriq have formed a partnership to create new payment corridors from the GCC, UK, and Australia to Africa.
- The collaboration is set to address high costs and slow processing times in traditional financial transfers, leveraging Ripple's technology.
- Payments provider Rocket Fuel has also implemented Ripple’s Payment systems to improve efficiency and diverse transaction types.
Ripple, the blockchain technology firm, has entered into a strategic partnership with African fintech leader Onafriq to revolutionize cross-border payments from the GCC, UK, and Australia into Africa. The collaboration will introduce three new financial corridors, leveraging Ripple's cryptocurrency technology to transform remittances and business payments across 27 African nations.
Addressing the longstanding issues of high costs, slow processing, and reliability in cross-border transactions, Onafriq's implementation of Ripple's technology is expected to significantly enhance transaction speed and affordability. Onafriq's network, which extends to over 500 million mobile wallets across 40 countries, is poised to drive financial inclusion and streamline payments throughout the continent.
Aaron Sears, Ripple's SVP of Global Customer Success, has expressed excitement about the partnership's potential to improve financial transactions in Africa. The initiative is seen as a pivotal development in Ripple's mission to facilitate efficient, cost-effective cross-border payments.
Dare Okoudjou, CEO of Onafriq, has emphasized the company's commitment to reducing the impact of borders on payment transactions within, to, and from Africa. The partnership with Ripple is a strategic move to harness blockchain technology to enhance Onafriq's impact on the continent's financial services sector.
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