In a significant development for cross-border payments, Ripple has partnered with Onafriq, a UK-based financial technology company, to expand remittance corridors throughout Africa. This collaboration is poised to streamline transactions between 27 African nations, the United Kingdom, Australia, and the Gulf States.
The partnership leverages Ripple’s private network, formerly known as RippleNet. Offering a faster and more cost-effective alternative to the traditional remittance process.
Notably, the private network, now called Ripple Payments, aims to solve the usual high fees and slow transaction reality of traditional remittances. By adopting Ripple’s solution, Onafriq will ensure quick and secure transfers, particularly benefitting the African diaspora who regularly send money back home.
It is important to say that, despite some already observed speculation in the cryptocurrency market, there are no mentions of the XRP token in this endeavor. Ripple, the company, and Ripple Paym
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