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- 📢 Exclusive on Gate Square — #PROVE Creative Contest# is Now Live!
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PARTNERSHIP | South African Fintech, Onafriq (Formerly MFS Africa), to Leverage Ripple Blockchain Across Africa via 3 Fintech Partners
Ripple has established plans to facilitate new payment channels between 27 African countries and regions like Australia, the United Kingdom, and the Gulf Cooperation Council (GCC). This initiative is part of a partnership agreement with Onafriq, an African mobile payments provider.
Onafriq will leverage Ripple Payments’ blockchain technology in collaboration with three partnering companies:
“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,” said Ripple senior Vice President of Global Customer Success, Aaron Sears.
Onafriq is already a partner with Ripple in its on-demand liquidity (ODL) solution. Additionally, reports suggest that Pypl has also integrated ODL into its system.
The newly introduced payment channels will leverage Ripple Payments, a technology enabled by XRP, aimed at eliminating the prolonged transfer durations and high expenses commonly associated with traditional remittance payments. This information was detailed in a press release by Ripple.
“Connecting our partners PayAngel, Pyppl and Zazi Transfer with Onafriq over Ripple Payments will bring the benefits of faster and more cost-effective cross-border payments to individuals seeking to send money into Africa from around the globe,” said Aaron Sears.
Onafriq, previously known as MFS Africa until early November 2023, reportedly underwent a name change due to its acquisition of U.S.-based mobile payment software developer, Global Technology Partners, in June 2022. The alteration was necessitated as ‘MFS’ is a trademarked company name in the United States.
Onafriq is one of the world’s largest remittance services providers . Onafriq operates in 40 countries across Africa and boasts a whopping 400 million mobile wallets.