Ripple, a leading blockchain and crypto solution firm, has teamed up with a financial technology company called Onafriq to enhance its ability to send money across Africa and into several Gulf nations, the United Kingdom, and Australia.
African mobile payment provider Onafriq has partnered with Ripple to establish new payment connections between 27 African countries and three other regions: Australia, the United Kingdom, and the Gulf Cooperation Council (GCC).
To make this happen, Onafriq is harnessing Ripple Payments’ blockchain technology, with the assistance of three collaborating companies. Zazi Transfer will facilitate transfers to Australia, PayAngel will handle payments to the U.K., and Pyypl will manage transactions to the GCC countries, including Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates.
Onafriq is eliminating the traditional problems associated with cross-border payments, such as lengthy transfer times, unreliability, and excessive cost. In this way, the partnership is bringing faster, more efficient, and cost-effective international money transfers to Africa.
These cross-border transactions are vital for Africa, particularly remittances, which constitute a significant portion of international payments to the continent.
Ripple Payments used to go by the name RippleNet until its most recent update, which was unveiled during Ripple’s Swell customer event in Dubai on November 8.