Ripple will operate new payment corridors between 27 African countries, Australia, the UK and the Gulf Cooperation Council (GCC) in a deal with African mobile payment provider Onafriq.
Onafriq will use Ripple Payments’ blockchain technology with three partner companies. Zazi Transfer will provide transportation services to Australia, PayAngel will serve the UK and Pyypl will handle the GCC member states: Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates.
Remittances constitute a large part of Cross border payments to Africa. Aaron Sears, senior vice president of global customer success at Ripple, told Cointelegraph:
“Sub-Saharan Africa has proven to be a bright spot in cryptocurrency adoption, with consumers in countries like Nigeria, Kenya and South Africa using digital assets for real-world everyday purposes.”
Pyypl is already a partner of Ripple for its On-Demand Liquidity (ODL) solution It is said that Onafriq has also integrated ODL.
Onfrik was known as MFS Africa until early November. It changed its name due to its purchase of US mobile payment software developer Global Technology Partners in June 2022. MFS is the name of a US-registered company. Onfrik I closed a deal With Western Union on cross-border transactions earlier this year.
It’s great to see you all in Dubai!
First day of #Ripple_Soil It starts tomorrow. pic.twitter.com/QTVGniRlBx– Ripple (@Ripple) November 7, 2023
Ripple Payments was known as RippleNet before its latest update, which was announced at Ripple’s Swell customer event in Dubai on November 8.
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