admin In a groundbreaking move, Ripple, a pioneer in enterprise blockchain and cryptocurrency solutions, has entered into a strategic partnership with Onafriq, a prominent payment fintech formerly known as MFS Africa. The collaboration aims to facilitate frictionless digital asset-powered cross-border payments between Africa and new global markets, fostering financial inclusion on the continent.
Efficiency and Affordability Amplified: Ripple’s Technology Opens New Payment Corridors
The primary objective of the partnership is to bridge the gap between Africa and international markets by leveraging Ripple’s cutting-edge technology. Onafriq, utilising Ripple Payments, is set to open three new payment corridors connecting Africa to the world. This collaboration enables customers of Pyypl (GCC), PayAngel (UK), and Zazi Transfer (Australia) to make cost-effective and rapid remittance and business payments to recipients in 27 countries – all across Onafriq’s large pan-African network.
This innovative approach addresses the inherent challenges of cross-border payments, offering a solution to issues such as slow transfer times and excessive costs. The result is a promise of faster, more reliable, and cost-effective international money transfers.
Fostering Financial Inclusion: Ripple and Onafriq Pave the Way for a Borderless Payment Landscape
The partnership between Ripple and Onafriq aligns seamlessly with the increasing significance of mobile money in advancing financial inclusion across Africa. As blockchain technologies continue to redefine accessibility to financial services, this collaboration represents a bold step towards amplifying the impact of payment systems on individuals and businesses across the continent.
Dare Okoudjou, Founder & CEO at Onafriq, highlighted the mission to diminish the significance of borders in payments within, to, and from Africa. The partnership with Ripple marks a significant stride towards achieving this mission, enabling fast, secure, and low-cost remittances at scale between the world and Africa. This strategic collaboration serves as a pioneering initiative in Onafriq’s crypto strategy, leveraging blockchain technologies to augment their influence on the African financial landscape.
In conclusion, Ripple’s collaboration with Onafriq stands as a testament to the transformative power of blockchain in revolutionising cross-border payments. As the financial industry witnesses this strategic alliance unfold, it marks a crucial moment in advancing financial inclusion, eliminating barriers to transactions, and fostering a borderless payment landscape that benefits individuals and businesses alike.
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