In a press statement today, leading blockchain enterprise, Ripple announced its partnership with Onafriq, a renowned payment fintech. Notably, the partnership is tailored towards facilitating crypto cross-border payments between Africa and other new markets.
As revealed, Onafriq will build on Ripple’s existing crypto-enabled payment technology to open up three new payment channels between Africa and the rest of the world. With this, Ripple noted that PayAngel users in the UK, Pyypl users in the GCC, and Zazi Transfer in Australia can now carry out speedy and cost-efficient transactions with Onafriq users in 27 countries across the pan-African Network.
By building on the crypto technology of Ripple, the payment fintech firm is putting an end to the difficulties associated with cross-border payments. Some of these difficulties are lengthy transfer time, unreliability, and excessive cost. Also, the new technology introduces faster and more efficient international money transfers to the continent. Besides, it will also accelerate financial inclusion across Africa.
Meanwhile, Ripple SVP, Global Customer Success, Aaron Sears revealed Ripple’s delight to expand its outreach into Africa through its partnership with Onafriq. According to Sears, bringing the fintech firm together with Ripple’s other partners, PayAngel, Pyppl, and Zazi transfer will bring more efficient payment route to individuals seeking to send money into Africa from other places.
Ripple seeking to help Onafriq achieve regional payment interoperability
Ripple describes Onafriq as one of the largest mobile money movements across Africa. The payment hub has connected over 500 million mobile wallets across 40 African countries. Similarly, Ripple said the protocol operates across over 1300 payment corridors in the continent, providing support to regional payment interoperability and seamless cross-border payments.
Also, the founder and CEO of Onafriq, Dare Okoudjou gave some insights into the partnership. According to Okoudjou, Onafriq’s goal is to eliminate the difficulties associated with border payment in Africa. Meanwhile, the exec acknowledged the efforts of Ripple and PayAngel, Pyppl, and Zazi Transfer for the feat. According to him, the move signifies Onafriq’s first bold attempt to leverage blockchain technologies to amplify Onafriq’s impact on people and businesses in Africa.
Meanwhile, this partnership comes barely a week after Ripple obtained approval under Dubai Virtual Asset Regime. With this approval, Ripple XRP can now be used within the Dubai International Financial Centre (DIFC). Ripple remains the first external virtual asset to get the approval of the Dubai Financial Services Authority (DFSA).