Realm

<ul>
 <li>Ripple has formed a strategic alliance with Onafriq.</li>
 <li>The collaboration targets the transformation of cross-border transactions and addresses challenges in outdated payment systems in Africa.</li>
 <li>Africa’s fintech sector is rapidly growing, presenting a $2.7 trillion opportunity.</li>
</ul>
<p><a href="https://thenewscrypto.com/?s=ripple" target="_blank" rel="noopener noreferrer nofollow">Ripple</a>, the renowned blockchain-based payment protocol, has forged a strategic alliance with Onafriq. This collaboration aims to revolutionize cross-border transactions and address the challenges associated with outdated payment systems prevalent across the continent.</p>
<p>Ripple’s ambitious venture aligns with Africa’s surging fintech sector, anticipated to offer a substantial $2.7 trillion opportunity.</p>
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   <p lang="en" dir="ltr">With promising fintech growth and increasing consumer demand for digital banking, Africa represents a bright opportunity for the finance sector. <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f30d.png" alt="🌍" class="wp-smiley" style="height: 1em; max-height: 1em;"><br><br>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></p>— 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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<p>Africa, a continent widely acknowledged as a major participant in the global economic scene, is seeing impressive growth in the fintech sector, with a focus on payments in particular.</p>
<p>According to recent data, Africa’s financial services industry is expected to generate an astonishing $230 billion in revenue over the next two years.</p>
<p>The increasing use of fintech, the expanding population of mobile phone users, and the growing interest in digital banking are the main drivers of this upsurge.</p>
<h2 class="wp-block-heading" id="h-ripple-aids-in-cross-border-payments">Ripple aids in cross-border payments</h2>
<p>The Ripple-Onafriq partnership zeroes in on common issues plaguing cross-border money transfers in Africa, including exorbitant fees, sluggish settlement times, and limited access to traditional bank branches.</p>
<p>Onafriq, with its extensive network connecting hundreds of millions of mobile wallets across most of Africa and operating crucial payment corridors, plays a pivotal role in facilitating financial inclusion.</p>
<p>The evolving collaboration between Ripple and Onafriq holds the promise of delivering tangible benefits to the entire African region. Ripple’s strategic vision for the potential $2.7 trillion market aligns seamlessly with the continent’s rapid economic growth and increasing relevance on the global stage.</p>
<p>Notably, Nigeria, where a substantial 73% of adults own mobile phones but credit card usage remains low, presents a significant market gap for the financial services industry to address, further underscoring the strategic importance of Ripple’s collaboration with Onafriq.</p>

Ripple’s Collaboration with Onafriq Targets Africa’s Fintech Realm

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