- Ripple collaborates with African fintech Onafriq to establish three new blockchain-enabled remittance routes.
- These routes connect Africa with the UK, Gulf nations, and Australia.
- The company has been expanding its global presence despite legal issues with US regulators.
Cryptocurrency payments network Ripple is collaborating with African fintech Onafriq to open three new blockchain-enabled remittance routes connecting Africa with the UK, Gulf nations, and Australia.
The partnership will allow seamless cross-border payments between Onafriq mobile wallet users in Africa and customers of PayAngel, Pyypl, and Zazi Transfer in the partner regions. The collaboration was announced at the company’s annual Swell conference held this week in Dubai.
“Onafriq is a major payment player in Africa that serves 400 million mobile wallets,” said Ripple President Monica Long. “We are excited about this because it also contributes to Ripple payments being able to cover 90% of FX markets.”
Ripple continues global expansion
The new remittance channels build on Ripple’s growing global footprint as it continues to push for mainstream blockchain adoption despite legal clashes with US regulators. Ripple prevailed in part of its battle with the Securities and Exchange Commission earlier this year.
In addition to the Onafriq deal, the payments platform announced several new product enhancements at Swell 2022. This includes an updated payments platform called Ripple Payments aimed at smaller enterprises and simplified blockchain-based money transfers.
The company also highlighted its expanding licenses, which will allow it to serve more customers. “Our set of licenses means we can serve a bigger market,” noted Long. “Previously, we only served licensed financial institutions, but now we’re able to serve enterprises and SMEs.”
Ripple currently holds over 30 money transmitter licenses in the US as well as licenses in Singapore, the UK, and the EU. The extra regulatory approvals will help Ripple grow beyond banks to corporate clients globally.
The company also formed a partnership with the National Bank of Georgia on a central bank digital currency project this week. The news fueled a spike in XRP, Ripple’s native token.
Despite crypto market turmoil, the company continues to push for mainstream blockchain adoption. The new Onafriq collaboration highlights these efforts to expand efficient remittance solutions to emerging markets. Ripple states its payments network now covers 50 countries across six continents.