Ripple has partnered with Onafriq, Africa's fintech giant to enable faster and more affordable cross-border payments between Africa and the rest of the world. By utilizing Ripple's crypto-based payment technology, Onafriq is opening three new payment corridors connecting Africa to the UK, the Gulf Cooperation Council (GCC), and Australia. Customers of PayAngel, Pyypl, and Zazi Transfer can now send quick and cost-effective remittance and business payments to recipients in 27 countries across Onafriq's pan-African network. This partnership aims to eliminate barriers in cross-border transactions and promote financial inclusion in Africa.

Despite Africa having a sizable diaspora population spread across the globe and a burgeoning middle class eager to engage with the global business community, the region has been hampered by sluggish payment speeds, exorbitant costs, and a lack of transparency in cross-border transactions. These challenges have been primarily attributed to the inadequate payment infrastructure in place, making it nearly impossible for Africans to seamlessly participate in the global financial landscape.

Aaron Sears, SVP of Global Customer Success at Ripple, expressed enthusiastic anticipation for the company's partnership with Onafriq, stating, “For a number of years, Ripple has supported crypto-enabled, cross-border payments to individuals and businesses, and we are particularly excited to expand the reach of our solution into Africa thanks to our Onafriq partnership.”

Onafriq holds the largest mobile money presence in Africa, a time when mobile money is transforming financial access and inclusion across the continent. By connecting over 500 million mobile wallets in 40 African nations, their fintech platform operates through 1300 payment corridors, facilitating convenient cross-border transactions and promoting regional payment compatibility.

Dare Okoudjou, the Founder & CEO at Onafriq, expressed that their mission is to diminish the significance of borders in payment transactions within, to, and from Africa. By partnering with Ripple, they are advancing this mission and enabling new connections with fintech companies like PayAngel, Pyppl, and Zazi Transfer, Okoudjou said in a press release.

“These connections are set to enable fast, secure, and low-cost remittances at scale between Africa and the rest of the world, and represent a bold first step for our crypto strategy to leverage blockchain technologies to amplify our impact on people and businesses on the continent,” he said.