In a landmark move, Ripple has joined forces with Onafriq, an African mobile payments provider, to create new payment corridors that will connect 27 African countries with Australia, the United Kingdom, and the Gulf Cooperation Council (GCC). This collaboration is set to leverage Ripple’s blockchain technology to enhance the remittance ecosystem—a lifeline for many economies across Africa.
The corridors will be supported by Zazi Transfer for Australian transactions, PayAngel for the UK, and Pyypl for the GCC, including nations like Bahrain and Saudi Arabia. This initiative is a testament to the growing adoption of digital assets in Sub-Saharan Africa, with countries like Nigeria and South Africa leading the charge in employing cryptocurrencies for daily transactions.
Previously operating under the name MFS Africa, Onafriq rebranded after acquiring U.S.-based mobile payment software developer Global Technology Partners in June 2022. The change was partly due to the trademarked nature of the former name in the U.S. This rebranding comes on the heels of a prior deal with Western Union aimed at bolstering cross-border financial exchanges.
Ripple Payments, formerly known as RippleNet, unveiled its upgraded platform at the Ripple Swell event in Dubai, marking a significant upgrade in its service offerings. This strategic partnership and technology enhancement are expected to significantly reduce the cost and increase the speed of cross-border payments, thereby fostering economic growth and financial inclusion for African nations in the global market.
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