Ripple’s Game-Changing Partnership: Cross-Border Payments for Africa and Beyond
Ripple is making significant strides in the world of cross-border payments with a recent partnership that aims to connect Africa with various countries, including the United Kingdom, Australia, and the Gulf Cooperation Council (GCC). The partnership, announced during the Ripple Swell 2023 conference in Dubai, involves a collaboration with Onafriq, a company with a strong presence in more than 40 African markets.
Using Ripple’s crypto-enabled payments technology, Onafriq will establish payment corridors between 27 African countries and the aforementioned international partners. This bold move is set to revolutionize the way cross-border payments are made, creating faster and more cost-effective remittance and business payment solutions that will, in turn, further promote financial inclusion in Africa.
One of the key strengths of Onafriq is its extensive mobile money movement footprint, which has proven to be a driving force for financial inclusion across the continent. The platform serves over 500 million mobile wallets in 40 African countries and operates across more than 1300 payment corridors, making it a formidable player in the African fintech space.
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The partnership between Onafriq and Ripple is giving rise to new and innovative connections with other fintech companies such as PayAngel, Pyppl, and Zazi Transfer. These connections are set to empower fast, secure, and low-cost remittances at scale between Africa and the rest of the world. The collaboration represents a significant step forward in Onafriq’s crypto strategy, leveraging blockchain technologies to amplify its impact on people and businesses across the continent.
Dare Okoudjou, Founder and CEO at Onafriq, expressed the company’s mission to make physical borders less of an obstacle when it comes to payments within, to, and from Africa. He emphasized that the partnership with Ripple is a bold first step towards fulfilling this mission, allowing for a new era of connections and opportunities in the fintech landscape.
It is evident that this partnership has not only sparked a wave of optimism for African markets, but it has also influenced the financial landscape worldwide. Ripple’s native digital asset, XRP, has seen a noteworthy surge in value following this development. At the time of writing, XRP is up by nearly 9 percent in the last 7 days, trading at $0.67. This surge is reflective of the confidence investors have in the digital asset, especially in anticipation of a potential favorable outcome in the ongoing XRP lawsuit. This, in combination with the continued expansion and utilization of blockchain-powered payment infrastructure, is elevating expectations for XRP, with some speculating that it could reach as high as $18 with a market cap of close to $1 trillion.
The significance of this partnership cannot be overstated, and its impact extends beyond the realm of cryptocurrencies and blockchain technology. It has the potential to reshape the way businesses and individuals conduct cross-border transactions, contributing towards greater financial inclusion and economic empowerment in Africa and beyond.
In conclusion, Ripple’s partnership with Onafriq marks a pivotal moment in the evolution of cross-border payments, presenting an array of opportunities and benefits for businesses and individuals across Africa and its international partners. By harnessing the power of blockchain technology and innovative partnerships, the future of cross-border payments is being reimagined, setting the stage for a new era of financial connectivity and accessibility on a global scale.
