PARTNERSHIP | Onafriq, a South African fintech company (formerly MFS Africa), will use three fintech partners to leverage the ripple blockchain throughout Africa.
One of the biggest providers of remittance services worldwide is Onafriq. With operations in 40 African nations, Onafriq has an astounding 400 million mobile wallets.
Plans have been made by Ripple to open up new payment channels between 27 African nations and nations and regions, including the Gulf Cooperation Council (GCC), Australia, and the United Kingdom. This program is a component of a collaboration with the African mobile payment operator Onafriq.
Onafriq will work with three partner companies to utilize the blockchain technology of Ripple Payments.
Zazi Transfer will offer transfer services to Australia
PayAngel will cater to the U.K.
Pyypl will facilitate transactions in GCC member states, including Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates
“According to Aaron Sears, senior vice president of global customer success at Ripple, “Sub-Saharan Africa has proven to be a bright spot of crypto adoption, with consumers in countries like Nigeria, Kenya, and South Africa employing digital assets for real-world, day-to-day purposes.
In relation to Ripple’s on-demand liquidity (ODL) solution, Onafriq is already a partner. Reports also indicate that Pypl may have included ODL into its system.
The recently launched payment channels will make use of XRP-enabled Ripple Payments technology, which aims to do away with the lengthy transfer times and expensive fees typically connected with traditional remittance payments. Ripple provided more details about this in a press release.
“Those looking to send money into Africa from around the world will benefit from faster and more affordable cross-border payments when we connect our partners PayAngel, Pyppl, and Zazi Transfer with Onafriq over Ripple Payments,” stated Aaron Sears.
Prior to its rebranding in early November 2023, Onafriq was known as MFS Africa. This changed, according to reports, after Onafriq acquired Global Technology Partners, a U.S.-based provider of mobile payment software, in June 2022. The change was required since the firm name “MFS” is a registered trademark in the US.
One of the biggest providers of remittance services worldwide is Onafriq. With operations in 40 African nations, Onafriq has an astounding 400 million mobile wallets.
