Ripple plans to operate new payment corridors between 27 African countries and Australia, the United Kingdom and the Gulf Cooperation Council (GCC) under an agreement with African mobile payments provider Onafriq.
Onafriq will use Ripple Payments’ blockchain technology together with three partner companies. Zazi Transfer will offer remittance services for Australia, PayAngel for the United Kingdom and Pyypl for the GCC member states: Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates.
Remittances constitute a large part of the cross-border payments to Africa outside. Aaron Sears, senior vice president of global customer success at Ripple, told Cointelegraph:
“Sub-Saharan Africa has become a bright spot in cryptocurrency adoption, with consumers in countries like Nigeria, Kenya and South Africa using digital assets for real, everyday purposes.”
Onafriq was known as MFS Africa until early November. The company changed its name due to the acquisition of American mobile payments software developer Global Technology Partners in June 2022. MFS is a registered trademark of the company in the United States. Onafriq entered into an agreement with Western Union related to cross-border transactions earlier this year.
– Ripple (@Wave) November 7, 2023
Announced at Ripple’s Swell customer event in Dubai on November 8, Ripple Payments was previously known as RippleNet.
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