Thanks to the agreement with African mobile payment provider Onafriq, Ripple will enable new payment corridors between 27 African countries and Australia, the United Kingdom and the Gulf Cooperation Council (GCC).
Onafriq will use Ripple Payments blockchain technology with three partner companies. Zazi Transfer will provide transfer services in Australia, PayAngel will serve the UK, and Pyypl will serve the Gulf Cooperation Council members Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates.
Remittances constitute a large part Cross-border payments in Africa. Aaron Sears, Ripple’s senior vice president of global customer success, told Cointelegraph:
“Sub-Saharan Africa has proven to be a bright spot in cryptocurrency adoption, with consumers in countries like Nigeria, Kenya and South Africa using digital assets for real-world, everyday purposes.”
Pyypl is already a partner of Ripple in its on-demand liquidity (ODL) solution and it was said Onafriq also integrates ODL.
At the beginning of November, Onafriq was known as MFS Africa. It changed its name due to the acquisition of US mobile payment software developer Global Technology Partners in June 2022. MFS is a registered trademark in the United States. Onafriq at the beginning of the year squeezed An agreement with Western Union for cross-border transactions.
Sharing a tweet about X — Ripple (@Ripple) 7 November 2023
— Ripple (@Ripple) 7 November 2023
Before the latest update, announced at Ripple’s Swell customer event in Dubai on November 8, Ripple Payments was known as RippleNet.