New Ripple Collab Powers Cross-Border Payments Between Africa and Key Markets

• Ripple and Onafriq partner to revolutionize cross-border payments for Africa and key markets.
• Ripple Payments technology accelerates efficient, cost-effective international money transfers.
• Onafriq’s expansive mobile money network paves the way for secure and low-cost remittances.

In a significant partnership, Ripple, a leader in enterprise blockchain solutions, has joined forces with prominent payments fintech Onafriq (formerly MFS Africa) to empower digital asset-enabled cross-border payments.

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This collaboration aims to enhance international money transfers between Africa and various emerging markets, including the Gulf Cooperation Council (GCC), the United Kingdom, and Australia.

Leveraging Ripple Payments, Onafriq is creating three new payment pathways connecting Africa with the rest of the world. This development enables customers of UK-based PayAngel, GCC’s Pyypl, and Australia’s Zazi Transfer to execute swift and cost-effective remittances and business payments to recipients spanning 27 countries within Onafriq’s expansive pan-African network.

Ripple’s cutting-edge crypto technology contributes to eliminating the conventional challenges linked to cross-border payments, such as extended transfer durations, unreliability, and excessive fees. The Ripple and Onafriq partnership is set to introduce more efficient and affordable international money transfer solutions to Africa, furthering the cause of financial inclusion across the continent.

Aaron Sears, SVP of Global Customer Success at Ripple, expressed excitement about broadening their crypto-enabled, cross-border payment solution into Africa through this collaboration. It brings the advantages of faster and cost-effective cross-border payments to individuals worldwide looking to send money to Africa.

Onafriq boasts the largest footprint for mobile money movement across Africa, making mobile money a key driver of financial inclusion and access to financial services on the continent. With a payment hub linking over 500 million mobile wallets in 40 African nations and operating across 1,300 payment corridors, Onafriq plays a pivotal role in regional payment interoperability and seamless cross-border transactions.