• 28 May, 2024
News

Ripple and Onafriq Set to Transform African Remittances with New Payment Corridors

Ripple, the blockchain technology firm, has entered into a strategic partnership with African fintech leader Onafriq to revolutionize cross-border payments from the GCC, UK, and Australia into Africa. The collaboration will introduce three new financial corridors, leveraging Ripple’s cryptocurrency technology to transform remittances and business payments across 27 African nations.

Addressing the longstanding issues of high costs, slow processing, and reliability in cross-border transactions, Onafriq’s implementation of Ripple’s technology is expected to significantly enhance transaction speed and affordability. Onafriq’s network, which extends to over 500 million mobile wallets across 40 countries, is poised to drive financial inclusion and streamline payments throughout the continent.

Aaron Sears, Ripple’s SVP of Global Customer Success, has expressed excitement about the partnership’s potential to improve financial transactions in Africa. The initiative is seen as a pivotal development in Ripple’s mission to facilitate efficient, cost-effective cross-border payments.

Dare Okoudjou, CEO of Onafriq, has emphasized the company’s commitment to reducing the impact of borders on payment transactions within, to, and from Africa. The partnership with Ripple is a strategic move to harness blockchain technology to enhance Onafriq’s impact on the continent’s financial services sector.

Ripple’s ongoing improvements to its payment solution, including integration with the XRP Ledger’s native decentralized exchange and expanded liquidity options, demonstrate its commitment to providing seamless experiences for institutional users. These developments are in line with the financial industry’s growing recognition of blockchain’s potential to modernize traditional payment systems.

RocketFuel, a payment solutions provider, has already implemented Ripple’s latest payment system. The platform will Utilize Ripple’s extensive payout network, enabling it to meet customer needs for direct payments in a variety of payout currencies.

Meanwhile, the National Bank of Georgia has initiated a pilot project for the Digital Lari in collaboration with Ripple. This initiative marks a significant step in the adoption of central bank digital currencies (CBDCs) in the region and showcases blockchain’s increasing role in the financial sector. The project leverages Ripple’s CBDC platform, known for its efficiency and sustainability, and sets a precedent for future digital currency initiatives globally.

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