XRP ‘Blow Up’ Nears as Ripple Powers New Remittance Corridors Between Africa, Gulf, UK, and Australia
San Francisco-based blockchain firm Ripple has struck a deal with African payments fintech Onafriq to open new remittance corridors between Africa and the Gulf Cooperation Council, the U.K., and Australia.
Ripple, Onafriq Forge New Payment Corridors
Ripple will power new remittance corridors between 27 African countries and Australia, the United Kingdom, and the Gulf Cooperation Council (GCC) under a partnership with Onafriq.
The alliance leverages Ripple’s Payments’ blockchain technology to tackle persistent issues in cross-border remittances like transfer delays and exorbitant costs, which could likely enhance the money transfer process in Africa.
Three new blockchain-based payments corridors will launch between Onafriq customers in Africa and users of PayAngel in the U.K., Pyypl in GCC member states Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates, and Zazi Transfer in Australia, as per an official announcement Nov. 8 at Ripple’s annual Swell conference in Dubai.
“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,” Ripple’s senior vice president of global customer success Aaron Sears posited.
Onafriq, previously known as MFS Africa, intends to utilize Ripple’s cutting-edge tech to connect its extensive mobile money network, which comprises more than 500 million mobile wallets across Africa.
Ripple Adoption Gets Major Boost
Onafriq’s collaboration with Ripple aligns with its vision to make borders matter less when it comes to cross-border payments between Africa and other markets.
Meanwhile, Ripple president Monica Long believes the move contributes to the company’s payments “being able to cover 90% of FX markets.”
During the Swell event, Ripple also emphasized its commitment to adjusting and responding to the payment requirements of new clients and enterprises across different regions. Ripple has strikingly received the requisite regulatory approvals, including money transmitter licenses in the U.S. and an institutional payments license in Singapore.
That being said, Ripple has been in the spotlight lately after several bullish developments. The National Bank of Georgia (NBG), for instance, selected Ripple as its official technology partner for the pilot of its Digital Lari CBDC, raising hopes of more imminent adoption among XRP devotees.