Ripple Expands Into Africa: Breaking News

Ripple, a top-quality Blockchain and crypto solution provider has partnered with MFS Africa to offer On-Demand Liquidity (ODL) solutions for faster and better real-time payment processing across borders, powered by RippleNet. ODL processes millions of transactions in Singapore, Brazil, Thailand, Indonesia, Poland, and more. MFS is a fintech company specializing in digital payments and has the largest footprint in the region.  

Innovative digital payment solutions are already making headway, which makes this the perfect time for Ripple to jump in. Africa’s population growth curve shows that the content is set to hit 1.7bn by 2030, and is the perfect environment for digital payments. It connects over 400 million mobile wallets across 35 African countries and 800 payment corridors focusing on facilitating interoperability and seamless cross-border payments. 

In 2022, enterprise usage of crypto hit major success, despite market turmoil. The partnership will help solve traditional problems associated with crypto payments. Both companies are ecstatic about the partnership stating that it is a bold first step for ensuring a solid crypto strategy. 

The partnership became fruitful after the entry of new players such as Transfermate (from Ireland), Lemonway (a provider for online marketplaces), Travelex Bank (a bank for foreign transactions regulated by Brazil’s central bank), and Singapore-based FOMO Pay. 

Ripple’s high volume of cross-border payments and primary remittance creates the best use case for treasury and bulk SME payments.