Under an agreement with African mobile payments provider Onafriq, Ripple will power new payment lanes between 27 African nations and Australia, the United Kingdom, and the Gulf Cooperation Council (GCC).
Onafriq will work with three partner firms and leverage the blockchain technology of ripple payments. Australia will be served by Zazi Transfer for transfer services, the United Kingdom by PayAngel, and the GCC member states of Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates by Pyypl.
A significant portion of cross-border transfers to Africa are made up of remittances. Senior vice president of worldwide customer success at Ripple According to Aaron Sears, Cointelegraph:
With people using digital assets for practical, day-to-day uses in places like Nigeria, Kenya, and South Africa, Sub-Saharan Africa has emerged as a leader in the adoption of cryptocurrencies.
In terms of its on-demand liquidity (ODL) solution, Pyypl is already a Ripple partner, and Onafriq is rumored to have integrated ODL as well.
Up until early November, Onafriq was referred to as MFS Africa. It changed its name in June 2022 after acquiring Global Technology Partners, a US company that develops mobile payment software. MFS is a company name that is trademark-protected in the US. Earlier this year, Onafriq and Western Union reached an agreement regarding cross-border transactions.
Prior to its most recent update, which was unveiled on November 8 at Ripple’s Swell customer event in Dubai, Ripple Payments was known as RippleNet.
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