Ripple, a cryptocurrency-driven network for money transfers and payments, has partnered with a financial technology startup called Onafriq to enhance its ability to send money across Africa and into several Gulf nations, the United Kingdom, and Australia.
With the help of Ripple, the African mobile payment provider Onafriq has opened up new payment channels between 27 African nations and three other areas: the Gulf Cooperation Council (GCC), Australia, and the United Kingdom.
With the help of three partner firms, Onafriq is utilizing the blockchain technology of Ripple Payments to achieve this goal. PayAngel will handle payments to the United Kingdom, Pyypl will handle transactions to the GCC countries, which include Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates, and Zazi Transfer will handle transfers to Australia.
Africa depends heavily on these cross-border activities, especially on remittances, which account for a sizable amount of foreign payments made to the continent. Aaron Sears, Senior Vice President, Global Customer Success at Ripple, emphasized the significance of these advancements.
Prior to its most recent version, which was revealed on November 8 during Ripple’s Swell customer event in Dubai, Ripple Payments was known as RippleNet.