Ripple marked a significant milestone this week with a strategic partnership to expand its influence in cross-border payments. Ripple announced the collaboration with Onafriq during the Ripple Swell 2023 conference in Dubai.
Consequently, this collaboration will facilitate seamless cross-border payments between 27 African nations. The key global destinations include the United Kingdom, Australia, and the Gulf Cooperation Council (GCC), representing the UAE, Bahrain, Saudi Arabia, Oman, Qatar, and Kuwait.
Leveraging Ripple’s crypto-enabled payments technology, Onafriq will establish robust payment corridors. This move will enhance financial connectivity on an international scale.
The Effects of Ripple Technology
Significantly, Onafriq boasts the most extensive mobile money movement presence, pivotal in fostering financial inclusion across Africa. Onafriq has a reach extending to over 500 million mobile wallets in 40 African nations and operations spanning 1300 payment corridors. All these show that Onafriq is a cornerstone of the region’s financial landscape.
Incorporating Ripple technology into Onafriq’s platform promises users swift cross-border remittances and business payments. This integration enhances financial connectivity and propels the momentum of financial inclusion across the African continent.
Aaron Sears, SVP Global Customer Success at Ripple, expressed optimism about the partnership. He emphasised its potential to drive positive transformations in cross-border payments and financial accessibility in Africa.
‘Connecting our partners PayAngel, Pyppl, and Zazi Transfer with Onafriq over Ripple Payments will bring the benefits of faster and more cost-effective cross-border payments to individuals seeking to send money into Africa from around the globe.’
Dare Okoudjou, Founder & CEO at Onafriq, spoke about its mission and the partnership with Ripple:
‘Our mission is to make borders matter less when it comes to payment within, to, and from Africa. We are advancing this mission through our partnership with Ripple, which is already enabling new types of connections with fintechs such as PayAngel, Pyppl, and Zazi Transfer.
These connections are set to enable fast, secure, and low-cost remittances at scale between Africa and the rest of the world and represent a bold first step for our crypto strategy to leverage blockchain technologies to amplify our impact on people and businesses on the continent.’
XRP’s Price Action
In response to this development, XRP has experienced a notable surge, marking a nearly 9 per cent increase over the last 7 days. At the time of writing, XRP is trading at $0.67, having peaked at $0.73 earlier this week.
Due to the ongoing adoption of blockchain-based payment infrastructure, crypto enthusiasts look forward to a bullish trend. Some anticipate XRP reaching as high as $18, with a market cap nearing $1 trillion.