Working in conjunction with Onafriq partners, the agreement seeks to facilitate quicker, more affordable transactions among African nations.
Per an agreement with African mobile payments provider Onafriq, Ripple will power new payment corridors connecting Australia, the United Kingdom, and the Gulf Cooperation Council (GCC) with 27 African countries.
In addition to Ripple Payments, three collaborating organizations will utilize the blockchain technology of Onafriq. Transfer services to Australia will be provided by Zazi Transfer, to the United Kingdom by PayAngel, and to the United Arab Emirates by Pyypl on behalf of GCC member states Bahrain, Kuwait, Oman, Qatar, and Saudi Arabia.
A significant proportion of cross-border payments to Africa consists of remittances. Senior vice president of worldwide customer success at Ripple Sears, Aaron, informed reporters:
“Sub-Saharan Africa has proven to be a bright spot of crypto adoption, with consumers in countries like Nigeria, Kenya, and South Africa employing digital assets for real-world, day-to-day purposes.”
Onafriq is rumored to have also incorporated on-demand liquidity (ODL), and Pyypl is an existing Ripple partner in this regard.
MFS Africa was the previous name for Onafriq until early November. As a result of its June 2022 acquisition of American mobile payment software developer Global Technology Partners, the organization underwent a name change.
The company name MFS is protected by trademark law in the United States. In early this year, Onafriq reached an agreement with Western Union regarding cross-border transactions.
It’s great to see you all in Dubai! 🇦🇪
Day 1 of #RippleSwell kicks off tomorrow. pic.twitter.com/QTVGniRlBx
— Ripple (@Ripple) November 7, 2023RippleNet was the previous name for Ripple Payments before its most recent revision, unveiled on November 8 at Ripple’s Swell customer event in Dubai.
