Ripple, Onafriq partner for new payment corridors for Africa, UK, Australia and Gulf
Ripple and Onafriq have joined forces to establish new payment corridors connecting 27 African countries with Australia, the United Kingdom, and the Gulf Cooperation Council (GCC). This partnership will utilize Ripple Payments’ blockchain technology in collaboration with three key players: Zazi Transfer for services to Australia, PayAngel for the U.K., and Pyypl for GCC member states, including Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates.
Remittances play a significant role in cross-border payments to Africa, and Ripple’s senior vice president of global customer success, Aaron Sears, highlighted the growing crypto adoption in sub-Saharan Africa. He emphasized the use of digital assets for day-to-day purposes in countries like Nigeria, Kenya, and South Africa.
Moreover, Pyypl, a current Ripple partner in the on-demand liquidity (ODL) solution, is set to play an integral role in these new payment corridors. Notably, Onafriq, formerly known as MFS Africa, rebranded itself due to the acquisition of U.S. mobile payment software developer Global Technology Partners. The company’s previous name, MFS, is trademarked in the United States. Onafriq had also secured a deal with Western Union earlier this year for cross-border transactions.
Ripple Payments, formerly known as RippleNet, unveiled its latest upgrade at Ripple’s Swell customer event in Dubai on Nov. 8, marking a significant milestone for the company.
The Significance of Ripple and Onafriq’s Partnership
The collaboration between Ripple and Onafriq signifies a major advancement in creating efficient payment corridors that link multiple African countries with key global destinations. By leveraging Ripple Payments’ blockchain technology and the expertise of partnering companies, this partnership aims to streamline cross-border transactions and remittances, ultimately benefiting consumers and businesses across the involved regions.
Ripple’s Role in Crypto Adoption in Africa
Ripple’s commitment to enhancing financial accessibility and inclusion in Africa has been evident through its continued efforts to facilitate seamless cross-border payments. The company’s recognition of sub-Saharan Africa as a prominent hub for crypto adoption underscores its dedication to addressing the region’s evolving financial landscape. The utilization of digital assets for everyday transactions reflects a growing trend that aligns with Ripple’s strategic objectives.
Onafriq’s Evolution and Strategic Partnerships
Formerly known as MFS Africa, Onafriq has undergone substantial transformations, including the rebranding necessitated by its acquisition of Global Technology Partners and its collaboration with Western Union for cross-border transactions. These strategic moves have positioned Onafriq as a key player in the evolution of payment infrastructure within Africa and beyond. Building on its established expertise, Onafriq continues to forge partnerships that drive innovation and foster financial connectivity.
The Future of Payment Corridors and Blockchain Integration
As Ripple and Onafriq embark on establishing new payment corridors, the integration of blockchain technology promises heightened efficiency and security for cross-border transactions. This technological synergy not only facilitates seamless remittances but also sets the stage for expanded financial integration across diverse regions. The evolution of payment corridors through blockchain integration underscores the pivotal role of technology in shaping the future of global transactions.
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