Ripple will power new payment corridors between 27 African countries and Australia, the United Kingdom and the Gulf Cooperation Council (GCC) under an agreement with African mobile payments provider Onafriq.
Onafriq will use Ripple Payments blockchain technology together with three partner companies. Zazi Transfer will provide transfer services to Australia, PayAngel will provide services in the United Kingdom and Pyypl will provide services to the GCC member states, Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates.
Remittances constitute a large part of the cross-border payments to Africa. Ripple Senior Vice President of Global Customer Success Aaron Sears told Cointelegraph:
โSub-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 everyday, real-world purposes.โ
Pyypl is already a Ripple partner in its on-demand liquidity (ODL) solution, and Onafriq is reported have ODL integrated as well.
Related: Hashing It Out: What will happen when crypto meets fintech in Africa?
Onafriq was known as MFS Africa until early November. It changed its name due to the purchase of American mobile payments software developer Global Technology Partners in June 2022. MFS is a company name registered in the United States. Onรกfriq struck an agreement with Western Union on cross-border transactions earlier this year.
It's great to see you all in Dubai!
Day 1 of #RippleSwell starts tomorrow. pic.twitter.com/QTVGniRlBx- Ripple (@Ripple) November 7, 2023
Ripple Payments was known as RippleNet before its latest update, which was announced at Ripple's Swell customer event in Dubai on November 8.
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