Trillion

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<a href="https://ripple.com/lp/quick-guide-faster-payments-into-africa/?utm_campaign=&amp;utm_medium=organic_social&amp;utm_source=twitter" rel="noopener noreferrer nofollow">Ripple</a> is making strategic moves to tap into Africa's burgeoning fintech market, eyeing a substantial $2.7 trillion opportunity. This vision has led to a recent collaboration between Ripple and Onafriq, aiming to streamline cross-border transactions and overcome challenges associated with outdated payment systems on the continent.
Africa, acknowledged as a significant player in global business, is witnessing remarkable growth in its fintech sector, particularly in payments.
Recent analysis suggests that financial services revenue in Africa is poised to reach $230 billion in the next two years, driven by increased fintech adoption, a growing number of mobile phone users and the rising interest in&nbsp;<a href="https://u.today/xrps-hot-new-rival-xah-token-soars-441-outshining-original" rel="noopener noreferrer nofollow">digital banking</a>.
<a href="https://u.today/ripple-ceo-gives-credit-to-xrp-army" rel="noopener noreferrer nofollow">Ripple</a>'s recent partnership with Onafriq specifically addresses common issues in cross-border money transfers, such as high fees, slow settlement times and limited access to traditional bank branches.
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 With promising fintech growth and increasing consumer demand for digital banking, Africa represents a bright opportunity for the finance sector. 🌍Discover the estimated 2.7T market opportunity in our new Faster Payments into Africa Quick Guide: <a href="https://t.co/zo7WYpekBJ" rel="noopener noreferrer nofollow">https://t.co/zo7WYpekBJ</a>— Ripple (@Ripple) <a href="https://twitter.com/Ripple/status/1731772878612255172?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">December 4, 2023</a>
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Onafriq, connecting hundreds of millions mobile wallets across most of Africa and operating payment corridors, is a key player in facilitating financial inclusion.&nbsp;
The evolving partnership between companies has the potential to bring tangible benefits to the entire African region, aligning with Ripple's strategic vision on the promising $2.7 trillion market.
As Africa solidifies its position in the global economy, financial institutions have an opportunity to explore new revenue streams by participating in the region's rapid growth.&nbsp;
Leading countries like&nbsp;<a href="https://u.today/south-africa-to-force-crypto-exchanges-to-work-on-licenses-bloomberg" rel="noopener noreferrer nofollow">South Africa,</a> Nigeria, Kenya, Ghana and Egypt are at the forefront of the payments revolution, reports Ripple. Notably, in Nigeria, where 73% of adults own mobile phones but credit card usage remains low, a significant market gap exists for the financial services industry to address.

Ripple Sets Sights on Africa: XRP Eyes Expansion in $2.7 Trillion Market

U_Today

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