Ripple Partners Onafriq For Cross-Border Payments In Africa, UK, Australia, & GCC
Release: 2023/11/17 14:34 Reading: 789
In the latest move set to transform cross-border payments, Ripple, a pioneer in blockchain and crypto solutions, has teamed up with leading fintech Onafriq to power new payment corridors connecting 27 African countries with the United Kingdom, Australia, and the Gulf Cooperation Council (GCC). Meanwhile, this partnership announcement promises to eliminate the conventional hurdles associated with international money transfers, ensuring speed, reliability, and cost-effectiveness.
Ripple Partners Onafriq For Cross-Border Payments
Ripple, a global leader in blockchain and cryptocurrency solutions, has joined forces with Onafriq, a prominent player in African mobile payments, to revolutionize cross-border transactions. This alliance is set to establish three innovative blockchain-based payment corridors, bridging the gap between Africa and key markets, including the United Kingdom, Australia, and the GCC.
Under this collaboration, three partner companies are stepping up to the plate, including PayAngel in the UK, serving as a crucial link for individuals and businesses seeking efficient remittance and payment services to Africa. In addition, it would include Pyypl in the GCC, extending the benefits of faster and more cost-effective cross-border payments to member states in the Gulf Cooperation Council (GCC), including Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates.
Besides, the partnership will also involve Zazi Transfer in Australia to offer a secure and low-cost remittance channel between Africa and the Australian continent.
Meanwhile, this strategic partnership is expected to reshape the landscape of international money transfers. By harnessing Ripple’s cutting-edge crypto technology, Onafriq aims to address the persistent issues of lengthy transfer times, unreliability, and excessive costs that have long plagued cross-border payments.
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Advancing Financial Inclusion Across Africa
Onafriq holds the distinction of having the most extensive mobile money movement network across Africa, connecting over 500 million mobile wallets in 40 African countries. It operates through an impressive network of more than 1,300 payment corridors, promoting regional payment interoperability and seamless cross-border transactions.
Meanwhile, in a world where mobile money is a driving force for financial inclusion, this partnership promises to accelerate the flow of funds and foster economic growth across the African continent.
This landmark announcement coincides with Dare Okoudjou, Founder & CEO of Onafriq, set to take the stage at Swell Global 2023, Ripple’s annual customer conference hosted in Dubai. Notably, Okoudjou emphasizes its mission to make borders matter less when it comes to payments within, to, and from Africa.
Meanwhile, the partnership with Ripple aligns with this vision, enabling fast, secure, and cost-effective remittances at scale and marking a significant step in Onafriq’s crypto strategy to leverage blockchain technologies for the greater good of businesses and individuals across Africa.
Notably, Ripple has been on the investors’ radar lately with several recent developments. For instance, the National Bank of Georgia (NBG) has selected Ripple Labs Inc, as its official technology partner for the Digital Lari, a Central Bank Digital Currency (CBDC) initiative last week, raising optimism among the XRP enthusiasts.
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The post Ripple Partners Onafriq For Cross-Border Payments In Africa, UK, Australia, & GCC appeared first on CoinGape.
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