In a strategic alliance aimed at transcending borders, crypto payments giant Ripple has joined forces with African fintech player Onafriq. This groundbreaking collaboration is set to revolutionize cross-border transactions, linking 27 African countries with key markets including the UK, Australia, and the Gulf.
Onafriq, a trailblazer in the African mobile payments sector, has embraced Ripple's cutting-edge blockchain payments technology to create three new payment corridors. These corridors will seamlessly connect customers of PayAngel in the UK, Pyypl in the Gulf Cooperation Council (GCC), and Zazi Transfer in Australia.
Unveiling this transformative partnership at Ripple's annual conference, Swell, in Dubai, Onafriq's CEO, Dare Okoudjou, emphasized the vision to "make borders matter less" when it comes to payments. The collaboration aspires to facilitate swift, secure, and cost-effective remittances at scale, bridging the gap between Africa and the global financial landscape.
Onafriq, formerly known as MFS Africa, has undergone a strategic rebranding to position itself as a versatile omnichannel platform beyond mobile finance. By leveraging Ripple's technology, Onafriq aims to address traditional pain points in payments, eliminating delays, unreliability, and excessive costs.
Aaron Sears, Senior Vice President of Global Customer Success at Ripple, expressed enthusiasm about expanding their solution into Africa through the Onafriq partnership. This move aligns with Ripple's commitment to advancing international remittances and fostering financial inclusion across the continent.
As this collaboration reshapes the landscape of cross-border payments, Ripple's XRP token experienced a notable surge, fueled by its recent approval by the Dubai Financial Services Authority. Ripple's involvement in a central bank digital currency (CBDC) project with the National Bank of Georgia further underscores its evolving role in shaping the future of digital finance.