Ripple Expands Cross-Border Remittances Across Africa, Gulf States, UK, and Australia
Ripple recently unveiled plans to create three blockchain-based payment corridors to facilitate transactions between Onafriq users in Africa.
By Anna B Kiwanuka
Ripple, the cryptocurrency-based money transfer and payments network founded in 2012, is collaborating with payments fintech Onafriq to enhance remittance services within Africa and establish new connections with Gulf nations, the United Kingdom, and Australia.
During Ripple’s annual conference, Swell, held in Dubai, the company unveiled plans to create three blockchain-based payment corridors. These corridors will facilitate transactions between Onafriq users in Africa and customers of PayAngel in the UK, Pyypl in the Gulf Cooperation Council (GCC), and Zazi Transfer in Australia.
Monica Long, President at Ripple, expressed her enthusiasm about the partnership, highlighting Onafriq’s significant presence in Africa, serving 400 million mobile wallets. This collaboration expands Ripple’s reach, enabling payments to cover 90% of foreign exchange (FX) markets.
Ripple has gained prominence in the cryptocurrency industry for its resilience, particularly in its legal battles with the U.S. Securities and Exchange Commission (SEC). The recent approval of its token by the Dubai Financial Services Authority and its involvement in a central bank digital currency (CBDC) project with the National Bank of Georgia have contributed to the spike in the price of XRP, Ripple’s open-source project facilitating faster cross-border payments between fiat currencies.
In addition to these developments, Ripple announced various product enhancements and license updates. The company is focusing on facilitating payments between enterprises and small businesses. Ripple has expanded its range of licenses, securing money transmitter licenses in the U.S. and an institutional payments license in Singapore, with recent filings in the UK and EU. This broader set of licenses enables Ripple to serve a more extensive market, including enterprises, SMEs, importers/exporters, and companies managing global freelance developers.