Ripple, the cryptocurrency-based money transfer and payments network, has joined forces with payments fintech Onafriq to enhance remittance services in Africa and extend its reach to various Gulf nations, the U.K., and Australia. The partnership aims to establish three new blockchain-based payment corridors, facilitating seamless transactions between Onafriq users in Africa and customers of PayAngel in the U.K., Pyypl in the Gulf Cooperation Council (GCC), and Zazi Transfer in Australia.
Ripple’s collaboration with Onafriq marks a significant step in the company’s efforts to bolster its remittance capabilities in the African market. Onafriq, a prominent payment player in Africa, serves approximately 400 million mobile wallets. This partnership not only enhances the convenience of cross-border payments for users but also extends Ripple’s coverage to encompass 90% of foreign exchange (FX) markets.
Monica Long, President at Ripple, expressed her excitement about the partnership, highlighting the importance of this development in Ripple’s journey. She stated, “Onafriq is a major payment player in Africa that serves 400 million mobile wallets. We are excited about this because it also contributes to Ripple payments being able to cover 90% of FX markets.”
XRP’s price surge
In addition to the collaboration with Onafriq, Ripple has experienced a surge in the price of its digital asset, XRP. This surge can be attributed to multiple factors, including the approval of XRP by the Dubai Financial Services Authority and Ripple’s involvement in a central bank digital currency (CBDC) project with the National Bank of Georgia (NBG).
XRP, which is an open-source project utilized by Ripple, serves as a bridge between two fiat currencies, facilitating faster and more efficient cross-border payments. The recent developments have led to increased investor confidence and interest in XRP.
Enhancements and License Updates
Ripple has also announced various product enhancements and license updates, further solidifying its position in the global payments landscape. The company’s focus includes streamlining payments between enterprises and smaller businesses, expanding its market reach beyond licensed financial institutions to encompass enterprises and SMEs.
Ripple’s enhanced capabilities
One of Ripple’s significant achievements is the acquisition of money transmitter licenses in the United States and an institutional payments license in Singapore. Recent filings have also been made in the United Kingdom and the European Union, allowing Ripple to cater to a broader range of clients and serve various payment needs.
Monica Long emphasized the significance of these licenses, stating, “Our set of licenses means we can serve a bigger market. Previously, we only served licensed financial institutions and now we’re able to serve enterprises and SMEs. So, for example, importer/exporters can seamlessly pay suppliers overseas, or companies with freelance developers across the globe can efficiently compensate their employees.”
