During its annual Ripple Swell conference, blockchain leader Ripple Labs is creating a buzz by announcing a strategic partnership with payments fintech firm Onafriq. The collaboration is set to enhance Ripple’s remittance capabilities across various regions significantly.
In a significant development, Onafriq is leveraging Ripple’s cutting-edge technology to facilitate cryptocurrency-related payments, marking a pivotal moment for the fintech landscape.. The collaboration has yielded fruit, with Onafriq opening three new payment corridors in the UK, Gulf Nations, and Australia. Notable players in this expansion include Zazi Transfer, catering to customers in Australia, and PayAngel, offering remittance services to clients in the UK.
Further broadening their reach, Abu Dhabi-based Pyypl will serve customers in GCC nations, encompassing Kuwait, Qatar, Oman, Bahrain, the United Arab Emirates, and Saudi Arabia.
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Ripple’sa VC Shares Excitement on Partnership
Aaron Sears, Ripple’s Senior Vice President of Global Customer Success, expressed his enthusiasm for the company’s expanding presence in Africa. The goal is to deliver faster and more cost-effective cross-border payment solutions by connecting their partners – PayAngel, Pyypl, and Zazi Transfer – with Onafriq via Ripple Payments. These offerings are set to benefit individuals from diverse locations worldwide who are seeking to send money to Africa.
Onafriq, formerly known as MFS Africa, is a fintech powerhouse offering mobile financial solutions throughout the African continent. This rebranding comes from significant growth and acquisitions, notably their purchase of U.S.-based payment software developer Global Technology Partner (GTP) in June 2022. The acquisition provided Onafriq with an entry into the U.S. markets, prompting the need for a name change as another U.S. company operates under the MFS trademark.
Onafriq has been a pivotal partner for Ripple, integrating On-Demand Liquidity (ODL), a solution harnessing XRP to facilitate cross-border remittances. To further broaden their horizons, Onafriq partnered with Western Union, allowing customers to send money from anywhere in the world to Onafriq-powered mobile wallets in Africa. Furthermore, they joined forces with Access Bank to facilitate outward remittances from Nigeria and Kenya.
A Ripple in the Market
Onafriq’s latest collaboration with Ripple comes at the onset of Ripple Swell, the company’s annual conference. Onafriq is a formidable player, linking over 500 million mobile wallets in 40 African nations and enabling more than 1300 payment corridors. This fosters regional payment compatibility, ensuring seamless cross-border transactions.
XRP Market Speculation
It’s worth noting that enthusiasts of XRP, Ripple’s native cryptocurrency, are abuzz with speculation that the blockchain company may soon make significant announcements, potentially setting XRP on the path to a major rally. As of the time of writing, XRP was experiencing a 3.14% decline, trading at $0.6764, within the last 24 hours, according to data from CoinMarketCap.
This exciting collaboration between Ripple and Onafriq is a testament to the blockchain industry’s potential to revolutionize cross-border payments and further establish Ripple’s leadership.