Ripple is set to facilitate new payment corridors between 27 African countries and Australia, the UK, and the Gulf Cooperation Council (GCC) through a partnership with African mobile payments provider Onafriq. The collaboration will leverage Ripple Payments' blockchain technology and involve three partner companies: Zazi Transfer for services to Australia, PayAngel for services to the United Kingdom, and Pyypl for services to GCC countries including Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates. The move aims to address the significant role remittances play in cross-border payments within Africa.
Aaron Sears, Ripple's Senior Vice President of Global Customer Success, highlighted the growing cryptocurrency adoption in Sub-Saharan Africa, particularly in countries like Nigeria, Kenya, and South Africa, where digital assets are increasingly used for everyday transactions. Remittances within Africa have become a focal point for such advancements. Pyypl, an existing partner of Ripple's On-Demand Liquidity (ODL) solution, will contribute to the initiative. Onafriq, formerly known as MFS Africa, recently underwent a name change following its acquisition of Global Technology Partners, a US-based mobile payment software developer.
Onafriq had previously entered into a cross-border transaction agreement with Western Union earlier in the year. Ripple Payments, formerly known as RippleNet, introduced its latest upgrade on November 8 at the Ripple Swell customer event held in Dubai. The collaboration signifies Ripple's commitment to expanding its presence and facilitating efficient cross-border transactions in the rapidly evolving African cryptocurrency landscape.
