Ian Allison is an award-winning senior reporter at CoinDesk. He holds ETH.
The biggest and most established global hub for everything crypto, blockchain and Web3.Ripple, the cryptocurrency-based money transfer and payments network launched in 2012, is working with payments fintech Onafriq to expand remittance capabilities in Africa and across its borders with various Gulf nations, the U.K. and Australia.
Three new blockchain-based payments corridors will open between Onafriq users in Africa and customers of PayAngel in the U.K., Pyypl in the Gulf Cooperation Council , and Zazi Transfer in Australia, according to an announcement Wednesday at Swell, Ripple’s annual conference, in Dubai. “Onafriq is a major payment player in Africa that serves 400 million mobile wallets,” said Monica Long, president at Ripple, in an interview. “We are excited about this because it also contributes to Ripple payments being able to cover 90% of FX markets.”against, what is largely regarded as a heavy-handed and reactionary U.S. Securities and Exchange Commission .
In addition, Ripple announced various product enhancements and license updates, including a focus on payments between enterprises and smaller businesses. Ripple has been steadily building up its collection of licenses, including money transmitter licenses in the U.S. and an institutional payments license in Singapore, with recent filings in the U.K. and EU.
“Our set of licenses means we can serve a bigger market,” Long said. “Previously, we only served licensed financial institutions and now we're able to serve enterprises and SMEs. So for example, importer/exporters and paying suppliers overseas, or paying employees in a company that has freelance developers in different parts of the world.”
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