Ripple, Onafriq partner for new payment corridors for Africa, UK, Australia and Gulf

Under an agreement with African mobile payments provider Onafriq, Ripple will power new payment corridors between 27 African countries and Australia, the UK and the Gulf Cooperation Council (GCC).

Onafriq will use Ripple Payments’ blockchain technology with three partner companies. Zazi Transfer will provide transfer services to Australia, PayAngel will provide transfer services to the United Kingdom, and Pyypl will provide transfer services to the Gulf Cooperation Council members Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates.

Remittances account for a large portion of cross-border payments in Africa. Aaron Sears, senior vice president of global customer success at Ripple, told Cointelegraph:

“Sub-Saharan Africa is proving to be a bright spot for cryptocurrency adoption, with consumers in countries such as Nigeria, Kenya and South Africa using digital assets for real-world, everyday uses.”

Pyypl is already a partner of Ripple’s On-Demand Liquidity (ODL) solution, and Onafriq is also working on report There is also integrated ODL.

Related: Discussion: What happens when crypto meets fintech in Africa?

Until early November, Onafriq was known as MFS Africa. The name was changed due to the acquisition of Global Technology Partners, a US mobile payment software developer, in June 2022. MFS is a trademarked company name in the United States.Onafric hit Earlier this year it struck a deal with Western Union for cross-border transactions.