By Edlyn Cardoza
- Cross-border payments
- Digital payments
Ripple, one of the leaders of the company blockchain and crypto solutions, announced its entry into Africa in partnership with MFS Africa, a leading digital payment gateway. The new partnership will see MFS Africa use Ripple’s On-Demand Liquidity (ODL) solution for crypto payments to make it easier than ever for consumers and businesses in Africa to make real-time payments with their mobile phones at across borders – all powered by Ripple’s financial technology, RippleNet.
“Despite market turbulence, 2022 has been an unprecedented year for the use of crypto in enterprise use cases. Since Ripple was founded a decade ago, our focus has been on helping businesses – whether large financial institutions or local payment service providers – to move money around the world as the news does today,” said Brooks Entwistle, SVP Global Customer Success at Ripple. “Our partnership with MFS Africa stems from our expansion into a dozen new markets this year alone. Crypto can and does eliminate traditional problems associated with cross-border payments such as long transfer times, unreliability, and excessive costs, while complementing our once pure fiat financial infrastructure at low cost.
Digital payments innovation in Africa is changing rapidly, making it the right time for Ripple’s long-awaited move to the region. Africa benefits from a rapidly growing population – expected to reach 1.7 billion by 2030 – and the continent’s adoption of digital payments is among the fastest in the world. According GSMA, Africa accounts for 70% of the $1 trillion global mobile money value. In 2021, the value of mobile money transactions in Africa reached $701.4 billion, a 39% increase from the previous year.
MFS Africa is a leading payments FinTech that has the largest and most extensive mobile money movement footprint in the region at a time when mobile money is a powerful driver of financial inclusion and has revolutionized access to financial services across Africa. The FinTech payments hub connects more than 400 million mobile wallets in 35 African countries and operates on more than 800 payment corridors on the continent, promoting regional payment interoperability and seamless cross-border payments.
Dare Okoudjou, CEO of MFS Africa, said, “MFS Africa’s mission is to make borders less important when it comes to payments within, to and from Africa. We are excited to advance this mission through our partnership with Ripple to enable fast, secure, and low-cost remittances at scale. The Ripple MFS Africa partnership represents a confident, important and bold first step for our crypto strategy to leverage blockchain technologies to amplify our impact on consumers and businesses on the continent. growth in a new economy.
Ripple’s partnership with MFS Africa builds on several new ODL customers and entry into new markets, including Lemonway, a Paris-based provider for online marketplaces; Travelex Bank, the first exclusive foreign exchange bank regulated by the Central Bank of Brazil; and Singapore-based payment institution FOMO Pay.