• 22 June, 2024

Ripple Brings ODL to Africa With Largest Mobile Money Provider MFS

According to a recent announcement, MFS Africa, the largest mobile money provider in Africa, has partnered with Ripple to provide real-time mobile payments to its consumers in 35 different African nations. According to Ripple, 70% of the world’s $1T mobile money value is housed in Africa, and Ripple’s On-demand liquidity (ODL) platform is expected to improve digital payment rails across the continent even more.

ODL continues to expand

As the number of customers utilizing mobile cash transfers on the continent rises rapidly, MFS Africa has recognized the need to implement electronic payments. As a developing nation, Africa is also expected to draw in more businesses. By using Ripple’s ODL, these businesses will have easier access to alternative forms of financing.

Ripple’s ODL ameliorates a number of issues that typically arise when performing cross-border money transfers over conventional payment rails, such as high commissions and delayed settlement periods. 

Ripple’s senior vice president of worldwide customer success, Brooks Entwistle, says the expansion adds “a significant additional leg to the geography” of the company’s payments network.

In addition to expanding into Africa, ODL has entered several other regions this year. Earlier this way, Ripple partnered with Travelex Bank to introduce ODL in Brazil. As a result of the collaboration, users are able to send and receive money between Brazil and Mexico, streamlining cross-border transactions and doing away with the necessity for pre-funded accounts.

Legal troubles remain

The announcement comes amidst Ripple’s ongoing lawsuit with the Securities and Exchange Commission. According to recent reports, Cryptocurrency exchange Coinbase has stepped in to help Ripple labs by filing an application for support at a federal court in the US.

In a hearing on November 14, US District Judge Analisa Torres approved requests from Ripple’s 12 supporters to submit Amicus Briefs in the case. The list includes a wide range of businesses and individuals, such as Coinbase and the Blockchain Association. In accordance with the ruling, the deadline for submission of the briefs is November 18.

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