Ripple, a key player in cryptocurrency-based solutions for businesses, and Onafriq, a fintech firm with a focus on Africa, have recently announced their collaboration. This partnership aims to facilitate crypto-enabled cross-border transactions between Africa and key global regions such as the Gulf Cooperation Council (GCC), the United Kingdom, and Australia. This collaboration aligns with Onafriq’s mission to diminish the significance of geographical borders in monetary transactions involving Africa.
Enhancing Financial Access in Africa
The alliance between Ripple and Onafriq represents a significant step in improving international money transfers into Africa, offering swifter and more efficient services. This initiative is also seen as a driving force for financial inclusion across the African continent.
The collaboration will enable customers of Payangel in the UK, Pyypl in the GCC, and Zazi Transfer in Australia to remit funds to recipients in 27 African countries, as indicated in a recent press release. Aaron Sears, Global Customer Success at Ripple, expressed excitement about extending Ripple’s crypto-enabled, cross-border payment solutions to Africa through this partnership with Onafriq (previously known as MFS Africa).
Dare Okoudjou, founder and CEO of Onafriq, emphasized the importance of Ripple’s technology in achieving their objective of reducing the impact of national borders on payments within, to, and from Africa. He described the partnership as an essential first step in their strategy to utilize blockchain technologies to enhance their influence on individuals and businesses across the continent.
As highlighted in the press release, Onafriq boasts an extensive network in mobile money movement across Africa, connecting to approximately 500 million mobile wallets in 40 countries, and maintaining over 1,300 payment corridors within the continent.
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Frequently Asked Questions (FAQs) about Ripple-Onafriq Partnership
What is the partnership between Ripple and Onafriq about?
Ripple, a leader in cryptocurrency-based business solutions, has partnered with Onafriq, a fintech firm focusing on Africa, to enable efficient and fast crypto-based cross-border payments. This partnership aims to connect Africa with the Gulf Cooperation Council (GCC), the United Kingdom, and Australia, enhancing financial inclusion and making international money transfers more efficient.
How will the Ripple-Onafriq collaboration benefit financial transactions in Africa?
The collaboration is set to revolutionize money transfers into Africa by providing faster, more efficient services. This initiative will enable customers from various global regions to send remittances to 27 African countries, significantly advancing financial inclusion across the continent.
Who will benefit from the Ripple and Onafriq partnership?
Customers of Payangel in the UK, Pyypl in the GCC, and Zazi Transfer in Australia will be able to remit funds to recipients across 27 countries in Africa. This partnership will benefit individuals and businesses looking to conduct cross-border transactions with African countries.
What impact does Onafriq aim to achieve through its partnership with Ripple?
Onafriq aims to use Ripple’s technology to diminish the impact of national borders on payments involving Africa. This partnership is a critical step in their strategy to leverage blockchain technologies to amplify their impact on people and businesses on the African continent.
What is the extent of Onafriq’s network in Africa?
Onafriq has a substantial mobile money movement footprint in Africa, connecting to about 500 million mobile wallets across 40 countries. It also boasts over 1,300 payment corridors on the continent, highlighting its significant influence in the African financial sector.
More about Ripple-Onafriq Partnership
- Ripple and Onafriq Collaborate for Cross-Border Payments
- Onafriq’s Mobile Money Movement Footprint
- Ripple’s Global Customer Success at Onafriq
- Financial Inclusion in Africa through Ripple and Onafriq