Ripple is partnering with payments fintech Onafriq, formerly known as MFS Africa, to facilitate digital asset-enabled cross-border payments connecting Africa to several new markets, such as the Gulf Cooperation Council (GCC), the UK, and Australia.

The collaboration is expected to introduce quicker, more effective, and economical global money transfers to Africa, with the potential to expedite financial inclusion throughout the continent.

Ripple x Onafriq

As part of the deal, Onafriq will leverage Ripple Payments – Ripple’s crypto-enabled payments technology – to establish three new payment corridors between Africa and the rest of the world.

This would allow customers of PayAngel in the UK, Pyypl in the GCC, and Zazi Transfer in Australia to conduct speedy and cost-effective remittance and business payments to recipients in 27 countries across Onafriq’s pan-African network, which include – Botswana, Egypt, Morocco, South Africa, Tanzania, Togo, Uganda, Zambia, and Zimbabwe, among others.

Onafriq aims to eliminate the traditional challenges linked to cross-border payments. This includes extended processing times, unreliable transactions, and high expenses. This collaboration is introducing quicker, more effective, and economical global money transfers to Africa, with the potential to expedite financial inclusion throughout the continent.

Ripple’s senior vice president of global customer success, Aaron Sears, stated,

“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 Onfriq partnership. Connecting our partners PayAngel, Pyppl and Zazi Transfer with Onafriq over Ripple Payments will bring the benefits of faster and more cost-effective cross-border payments to individuals seeking to send money into Africa from around the globe.”

Onafriq, previously operating under the name MFS Africa until early November, rebranded due to its acquis