Ripple partners with Onafriq to expand its remittance solution in 27 African countries, the U.K., Australia, and the Gulf Cooperation Council (GCC).
We’re proud to announce that our partner @Onafriq will utilize Ripple Payments, our crypto-enabled payments technology, to open up three new payments corridors between Africa and the rest of the world. ?
Learn more: https://t.co/FU0pjHuqIA
— Ripple (@Ripple) November 8, 2023
Leading blockchain company Ripple Labs has announced a strategic partnership during the start of Ripple Swell with payments fintech Onafriq to broaden its remittance capabilities.
Under the partnership, Onafriq will leverage Ripple’s technology to facilitate crypto asset-related payments in Africa and other regions.
With Ripple’s solution, Onafriq has opened three new payment corridors in the U.K., Gulf Nations, and Australia. According to the announcement, Zazi Transfer will serve customers in Australia, while PayAngel will enable remittance services for its customers in the U.K.
In addition, Abu Dhabi-based Pyypl will cater to customers within GCC nations, including Kuwait, Qatar, Oman, Bahrain, the United Arab Emirates, and Saudi Arabia.
Aaron Sears, Ripple’s Senior Vice President of Global Customer Success, shared his enthusiasm about the company’s service expansion into Africa. He mentioned that by linking their partners, PayAngel, Pyppl, and Zazi Transfer, with Onafriq through Ripple Payments, they aim to provide faster and more cost-effective cross-border payment solutions. This will benefit individuals looking to send money to Africa from various parts of the world.
MFS Africa Rebrands to Onafriq
Formerly known as MFS Africa, Onafriq is a fintech company that offers mobile financial solutions across Africa. MFS Africa recently changed its name to Onafriq following its significant growth and acquisition, especially the June 2022 purchase of U.S.-based payment software developer Global Technology Partner (GTP). With the acquisition, Onafriq expanded its reach into the U.S. markets. However, the company opted for a name change since another U.S. company operates under the trademark MFS.
It bears mentioning that Onafriq has been a major partner of Ripple. The company’s partnership with Ripple has led to its integration of On-Demand Liquidity (ODL), a solution leveraging XRP to facilitate cross-border remittances.
As reported earlier, Onafriq inked a partnership deal with Western Union. The strategic partnership allows customers to send money from anywhere in the world into Onafriq-powered mobile wallets in Africa. Furthermore, Onafriq also partnered with Access Bank for outward remittances from Nigeria and Kenya.
Meanwhile, Onafriq’s latest partnership with Ripple comes during the opening of Ripple Swell, Ripple’s annual conference.
Onafriq links 500M+ mobile wallets in 40 African nations, serving 1300+ payment corridors and fostering regional payment compatibility for smooth cross-border transactions.
Notably, XRP enthusiasts speculate that the blockchain company could make significant announcements to set XRP on the path of a major rally. At the time of writing, XRP was down 2.1% to $0.677, according to CoinGecko data.
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