Global Finance recognizes Ripple’s efforts in Africa’s payment sector.
Global Finance Magazine, a prominent monthly financial magazine, has highlighted Ripple’s recent push into the African payment industry. According to an article published today, the leading Silicon Valley tech company partnered with MFS Africa to facilitate real-time crypto-enabled payments across 35 African countries using its On-Demand Liquidity (ODL) solution.
Ripple’s decision to enhance the African payment industry using ODL comes as financial inclusion becomes a critical issue in the region. In a statement, Ripple said Africa’s population is expected to hit a whopping 1.7 billion by 2030.
Ripple cited U.N. data suggesting that Africa is gradually becoming a hub for the mobile payment sector. The continent accounts for 70% of the global $1 trillion mobile money valuation. Last year, African countries completed $701.4 billion in mobile money transactions, representing a 39% spike from its 2020 record.
Brooks Entwistle, Ripple’s SVP for Global Customer Success, said:
“Crypto can, and is, eliminate the traditional problems associated with cross-border payments such as lengthy transfer times, unreliability and excessive cost while complementing our formerly purely fiat financial infrastructure at low cost.”
Ripple partnered with MFS Africa for the initiative due to the company’s coverage in Africa. Notably, MFS Africa has one of the largest mobile money footprints across Africa, connecting over 400 million mobile wallets across 35 countries, and operating across 800 payment corridors.
Ripple’s Prowess In the Global Payment Sector
It is not surprising to see Global Finance Magazine mention Ripple’s efforts in the African payment industry. Ripple is committed to solving real-world problems using blockchain technology, especially in the payment sector. The company’s ODL solution facilitates cross-border settlements at a relatively low cost. The solution uses XRP as a bridge currency for cross-border settlements, thus eliminating the need for pre-funding capital and boosting settlement time.
In a recent tweet, Ripple CEO Brad Garlinghouse applauded the company’s team for helping customers move value around the world.
Despite some headwinds, I’m immensely proud of the @Ripple team who day in and day out focus on helping our customers move value around the world – whether remittances, individual payments, bulk funding, treasury management and more. #CryptoMeansBusiness
— Brad Garlinghouse (@bgarlinghouse) November 16, 2022
Launched in 1987, Global Finance is a monthly financial magazine whose primary target audience includes various companies’ executives, including the president, CFO, CEO, etc. Global Finance magazine is distributed across 158 countries, with over 50,000 monthly subscribers. Global Finance has its headquarters in Manhattan, New York, U.S.