Ripple Partners with Onafriq for Cross-Border Payments in Africa
Ripple, a cryptocurrency payment platform, has announced a partnership with fintech company Onafriq to enable cross-border payments between Africa and other global markets. This collaboration aims to facilitate fast, secure, and low-cost remittances between 27 African countries and regions including the UK, Australia, and the Gulf.
Seamless Cross-Border Payments
Onafriq will utilize Ripple’s blockchain payments technology to establish three new payment corridors. These alliances with customers of PayAngel in the UK, Pyypl in the Gulf Cooperation Council (GCC), and Zazi Transfer in Australia will provide a means for efficient and cost-effective international remittances. This strategic move aligns with Onafriq’s vision to minimize the impact of borders on payments, aiming to enhance financial inclusion across the continent.
Impact of the Partnership
Dare Okoudjou, CEO of Onafriq, expressed the company’s commitment to leveraging blockchain technology to amplify its impact on people and businesses. By eliminating traditional payment pain points such as lengthy transfer times, unreliability, and excessive costs, Onafriq aims to provide a bold and innovative solution for cross-border payments within Africa and beyond.
Aaron Sears, SVP of Global Customer Success at Ripple, highlighted the company’s excitement to expand the reach of its solution into Africa through the partnership with Onafriq. This collaboration comes as Ripple’s XRP token spiked following approval by the Dubai Financial Services Authority and its involvement in a central bank digital currency (CBDC) project with the National Bank of Georgia (NBG).
The partnership between Ripple and Onafriq represents a significant milestone in the realm of cross-border payments, particularly within the African continent. By leveraging blockchain technology, the goal is to make international remittances faster, more reliable, and more accessible, ultimately accelerating financial inclusion and economic development in Africa.