Ripple and Onafriq Forge Blockchain-Based Remittance Corridors

The well-known bitcoin-based payments network Ripple has partnered with payments startup Onafriq to improve remittance services throughout Africa and its surrounding countries, such as the United Kingdom, the Gulf states, and Australia. Through this partnership, three cutting-edge blockchain-based payment lanes will be made available.

By partnering with Onafriq, Ripple hopes to improve payment options for African consumers, especially the 400 million mobile wallet users that Onafriq serves. Monica Long, President of Ripple, said, “We are excited about this because it also contributes to Ripple payments being able to cover 90% of FX markets.”

Because of its continuous legal struggle with the U.S. Securities and Exchange Commission (SEC), Ripple has come to represent resilience in the cryptocurrency space. In the course of its protracted legal struggle, the firm has made considerable progress. Recently, the value of XRP, the native token of Ripple, increased when it was approved by the Dubai Financial Services Authority. In addition, Ripple and the National Bank of Georgia are actively involved in a central bank digital currency (CBDC) initiative.

An essential function of XRP, an open-source initiative closely related to Ripple, is to act as a bridge between two fiat currencies, facilitating quicker and more effective cross-border transfers. This improvement is consistent with Ripple’s objective of streamlining cross-border money transactions.

When it comes to growing its services and licenses, Ripple is moving quite quickly. The business has obtained institutional payments licenses in Singapore and money transmitter licenses in the United States. As evidence of its dedication to expanding, Ripple has recently filed documents in the UK and the EU.

Monica Long stressed that Ripple’s wide range of licenses enables the business to cater to a larger customer base. While it used to focus mostly on regulated financial institutions, Ripple is now offering its services to large corporations as well as small and medium-sized businesses. This includes covering supplier payments overseas, enabling international payments for importers and exporters, and managing payroll procedures for businesses that hire freelance developers all around the world.

The collaboration between Ripple and Onafriq is a big step in the right direction for improving remittance services in Africa and beyond. The business’s unwavering innovation and expansion show how committed it is to changing the cross-border payments industry.