In a significant move for global financial connectivity, Ripple, a leading enterprise blockchain and crypto solutions provider, has announced a strategic partnership with Onafriq, a major African payments fintech formerly known as MFS Africa. This collaboration aims to enable digital asset-powered cross-border payments between Africa and key international markets, including the Gulf Cooperation Council (GCC), the United Kingdom, and Australia.
How the Partnership Enhances Cross-Border Payments
Onafriq is leveraging Ripple Payments, Ripple's advanced crypto-enabled payments technology, to establish three new efficient payment corridors. This initiative allows customers of PayAngel in the UK, Pyypl in the GCC, and Zazi Transfer in Australia to send remittances and business payments to 27 countries across Onafriq's extensive pan-African network.
By integrating Ripple's crypto technology, the partnership addresses longstanding challenges in international money transfers, such as slow processing times, high costs, and reliability issues. This results in faster, more affordable, and efficient transactions, supporting greater financial inclusion and economic growth in Africa.
Benefits for Users and Businesses
For individuals and enterprises sending money into Africa, this collaboration offers a modern alternative to traditional banking systems. Transactions are not only quicker but also conducted at a lower cost, making remittances more accessible for diaspora communities and businesses operating internationally.
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Aaron Sears, SVP of Global Customer Success at Ripple, emphasized the importance of this expansion: “We are particularly excited to extend the reach of our crypto-enabled cross-border payment solutions into Africa through our partnership with Onafriq. Connecting with partners like PayAngel, Pyypl, and Zazi Transfer will bring faster and more cost-effective payments to users worldwide.”
Onafriq’ Role in Africa’s Financial Ecosystem
Onafriq operates the largest mobile money movement network across Africa, a critical driver of financial inclusion on the continent. Their payment infrastructure connects over 500 million mobile wallets spread across 40 African countries and facilitates transactions through more than 1,300 payment corridors.
This extensive reach helps overcome fragmentation in regional payment systems and enables seamless cross-border transactions, laying the groundwork for further innovation in African fintech.
Vision and Future Implications
Dare Okoudjou, Founder and CEO of Onafriq, shared his perspective on the partnership’s goals: “We are committed to making borders matter less for payments within, to, and from Africa. Working with Ripple allows us to create new connections with global fintech partners, enabling fast, secure, and low-cost remittances at scale.”
This initiative also marks Onafriq’s first major step into leveraging blockchain technology to deepen its impact on people and businesses across Africa.
Ripple, known for pioneering blockchain-based solutions for cross-border payments, continues to expand its offerings in liquidity management and tokenization, including projects related to Central Bank Digital Currencies (CBDCs). The company now serves hundreds of customers across over 55 countries and 6 continents.
Frequently Asked Questions
What is the goal of the Ripple and Onafriq partnership?
The partnership aims to facilitate efficient, low-cost, cross-border payments between Africa and other global markets using digital assets and blockchain technology. It enhances transaction speed and affordability for remittances and business payments.
Which countries are included in Onafriq’s payment network?
The network covers 27 African countries, including Nigeria, Ghana, South Africa, Egypt, Uganda, Zambia, and Zimbabwe, among others.
How does Ripple’s technology improve cross-border payments?
Ripple’s crypto-enabled technology reduces transfer times, lowers costs, and increases reliability compared to traditional banking systems, making it ideal for international remittances.
Can individuals use this service for small transfers?
Yes, the service is designed for both individual remittances and business transactions, offering an accessible and efficient solution for various payment sizes.
What does this mean for financial inclusion in Africa?
By lowering the cost and increasing the speed of transactions, this initiative supports broader financial inclusion, especially in regions with limited access to traditional banking.
Are there plans to expand to more countries?
While the initial phase focuses on the GCC, UK, and Australia, the success of this partnership may lead to further expansion into other regions in the future.