In its latest move to transform cross-border payments, Ripple, a pioneer in blockchain and cryptocurrency solutions, has partnered with Onafric Leading fintech supports new payments corridor connecting 27 African countries with the UK, Australia and the Gulf Cooperation Council (GCC).
At the same time, this partnership announcement promises to remove common barriers associated with international money transfers, ensuring speed, reliability and cost-effectiveness.
Ripple partners with Onafriq for cross-border payments
Ripple, a global leader in blockchain and cryptocurrency solutions, has partnered with Onafriq, a leader in mobile payments in Africa, to revolutionize cross-border transactions.
The alliance will establish three innovative blockchain-based payment corridors, bridging the gap between Africa and key markets such as the UK, Australia and the GCC.
Under this collaboration, three partner companies are strengthening their operations, including UK-based PayAngel, providing an important bridge for individuals and businesses seeking efficient remittance and payment services in Africa.
Additionally, it will bring Pyypl to the GCC, providing faster and more cost-effective cross-border payments to Gulf Cooperation Council (GCC) member states, including Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates Grand Duchy Emirates Airline.
Additionally, the partnership will involve Australia-based Zazi Transfer to provide a secure and low-cost remittance pipeline between the African and Australian continents.
At the same time, this strategic partnership is expected to reshape the international remittance landscape. By leveraging Ripple’s cutting-edge cryptocurrency technology, Onafriq aims to solve the long-standing problems of long transfer times, unreliable reliability and prohibitive costs that have plagued cross-border payments.
Promoting financial inclusion across Africa
Onafriq stands out for having the most extensive mobile money transfer network in Africa, connecting more than 500 million mobile wallets in 40 African countries.
It operates through an impressive network of more than 1,300 payment corridors, promoting regional payments interoperability and seamless cross-border transactions.
At the same time, in a world where mobile money is the driving force behind financial inclusion, this partnership is expected to accelerate capital flows and stimulate economic growth across the continent.
The landmark announcement comes as Onafriq founder and CEO Dare Okoudjou prepares to take the stage at Swell Global 2023, Ripple’s annual customer conference in Dubai.
Notably, Okoudjou emphasized the importance of its mission to lower borders when it comes to payments within, outside or from Africa.
At the same time, the partnership with Ripple is in line with this vision to enable fast, secure and cost-effective large-scale remittances, and marks an important step in Onafriq’s cryptocurrency strategy to leverage blockchain technology for businesses and individuals across Africa. Seek greater benefits.
Notably, Ripple has recently been on the radar of investors for a series of its latest developments. For example, the National Bank of Georgia (NBG) last week selected Ripple Labs Inc as the official technology partner of Central Bank Digital Currency (CBDC) initiative Digital Lari, sparking high optimism among XRP enthusiasts.
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