Crypto News – Ripple has partnered with top fintech Onafriq to power new payment corridors connecting 27 African nations with the UK, Australia, and the Gulf Cooperation Council (GCC), in the latest effort aimed at revolutionizing cross-border payments.
Ripple and Onafriq Join Forces to Facilitate Cross-Border Payments
By removing the customary obstacles to international money transfers, this collaboration announcement guarantees cost-effectiveness, quickness, and dependability. By establishing three cutting-edge blockchain-based payment corridors, this partnership aims to close the gap between Africa and important markets like the UK, Australia, and the GCC.
As a result of this partnership, three partner businesses—PayAngel in the UK, for example—are stepping up to take on the role of vital intermediary for people and corporations looking for effective payment and remittance services to Africa. Furthermore, Pyypl would be incorporated into the Gulf Cooperation Council (GCC), providing member states such as Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates with the advantages of quicker and more economical cross-border payments.
In the interim, it is anticipated that this strategic alliance will change the international money transfer market. With the use of Ripple’s state-of-the-art crypto technology, Onafriq seeks to resolve the enduring problems with cross-border payments, which include long transfer times, unreliability, and exorbitant fees.
Banks use the Ripple Network, which enables the exchange of fiat and digital currencies, to settle cross-border and remittance payments. The Ripple Network does not require XRP to operate; any asset or currency can be used to transact.
With over 500 million mobile wallets spread across 40 African countries, Onafriq is the network with the widest reach for mobile money transfers in Africa. It facilitates smooth cross-border transactions and regional payment interoperability through an amazing network of over 1,300 payment corridors.