Ripple Partners with MFS Africa
U.S. fintech company Ripple announced a partnership with leading digital Payment gateway Mfs Africa on November 15.
MFS Africa is a leading payment fintech company that provides a payment network covering over 400 million mobile wallets in 35 countries in the African region. Promotes interoperability and seamless cross-border payments in regional payments.
The partnership will allow African consumers and businesses to use Ripple’s On-Demand Liquidity (ODL) solution and RippleNet to make cross-border payments for crypto assets in real time. It ‘s about
Ripple’s entry into Africa
Ripple aims to take this opportunity to enter the African market.
The financial inclusion of mobile money in Africa is progressing rapidly. The country’s population is expected to reach 1.7 billion by 2030, and Ripple believes the adoption of digital payments will be among the fastest in the world.
Africa accounts for 70% of the $1 trillion (¥140 trillion) value of global mobile money, according to the GSMA, an industry association of payment companies. In 2021, Africa’s mobile money transaction volume will reach $701.4 billion (98 trillion yen), up 39% year-on-year .
Commenting on the partnership, Brooks Entwistle, Ripple’s Global Customer Success SVP, said, “Our partnership with MFS Africa has expanded into 12 new markets this year alone. Crypto can eliminate the traditional problems associated with cross-border payments, such as long transfer times, unreliability and high costs, while at the same time replacing the once purely fiat currency (paper money) based finance. It’s a low-cost complement to infrastructure.”
Dare Okoudjou, CEO of MFS Africa, added: “Our partnership with Ripple will advance our mission of advancing payment liquidity within and outside Africa, enabling fast, secure and low-cost remittances. This partnership is a self-fulfilling, important and bold step in our crypto strategy to leverage blockchain technology to amplify consumer and business impact on the African continent. It’s a step,” he said.
According to Ripple, the partnership includes Lemonway, a Paris-based online marketplace provider; It is said that it is against the background of many new ODL customers such as Institution F Formo Pay (OMO Pay) and entry into new markets.
Ripple announced in June this year that it had set up an office in Toronto, Canada as a technology development base. At the same time, the company announced that it has hired 50 engineers, and plans to hire hundreds of blockchain software engineers, including applied machine learning scientists, data scientists, and product managers in the future. said it plans to hire hundreds of people around the world.
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