Ripple, the leader in enterprise blockchain and crypto solutions, has announced a partnership with Onafriq, a leading payments fintech in Africa, and several new markets, including the Gulf Cooperation Council (GCC), the UK, and Australia.
The partnership will open up three new payment corridors between Onafriq users in Africa and customers of PayAngel in the UK, Pyypl in the GCC, and Zazi Transfer in Australia, covering 90% of FX markets.
Ripple and Onafriq take advantage of Ripple Payments, Ripple’s crypto-enabled payments technology, to facilitate fast, secure, and low-cost remittances at scale between Africa and the rest of the world.
Ripple Payments uses ERC-4337, a token standard that allows for account abstraction, which means that users can have more control and flexibility over their accounts and transactions on the Ethereum network.
According to Ripple and Onafriq, account abstraction will open features such as email recovery, social logins, gas fee sponsorship, gas payments with ERC-20 tokens, better account recovery, spending thresholds, FaceID or passkey verification, and more.
These features are expected to improve the user experience and adoption of decentralized applications (dApps) on Ethereum, as well as reduce the complexity and cost of development.
“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“Aaron Sears, SVP, Global Customer Success at Ripple
Onafriq’s founder and CEO, Dare Okoudjou, said that their mission is to make borders matter less when it comes to payment within, to, and from Africa.
He also said that they are advancing this mission through their partnership with Ripple, which is already enabling new types of connections with other fintechs.
Our mission is to make borders matter less when it comes to payment within, to, and from Africa. We are advancing this mission through our partnership with Ripple, which is already enabling new types of connections with fintechs such as PayAngel, Pyppl and Zazi Transfer.
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 continentDare Okoudjou, Founder & CEO at Onafriq
Onafriq has the largest mobile money movement footprint across Africa, connecting over 500 million mobile wallets across 40 African countries, and operating across more than 1300 payment corridors on the continent.
The fintech’s payment hub supports regional payment interoperability and seamless cross-border payments.