Ripple Partners With Africa-Focused Remittances and Payments Firm MFS Africa
Ripple, the United States-based tech firm, has said its crypto solution known as “on-demand liquidity” is set to help MFS Africa “streamline real-time mobile payments for customers in 35 countries.” The evolution of Ripple’s partnership with MFS Africa, which has 800 payment corridors across the continent, will ostensibly see the whole region getting a chance to reap “the financially inclusive benefits.”
Enabling Faster, Low-Cost Remittances
The United States-based technology company, Ripple, announced on Nov. 14 that it had formed a partnership with MFS Africa that is expected to help “streamline [MFS Africa’s] real-time mobile payments for their customers across 35 countries.” As part of the agreement, MFS Africa, a leading fintech group on the continent, will use Ripple’s crypto solution known as on-demand liquidity (ODL).
Commenting on MFS Africa’s decision to partner with Ripple, the mobile financial solutions company’s CEO, Dare Okoudjou, said:
MFS Africa’s mission is to make borders matter less when it comes to payment within, to, and from Africa. We’re delighted to advance this mission through our partnership with Ripple to enable fast, secure and low-cost remittances, at scale.
The CEO added that his firm’s partnership with Ripple represents its first attempt at using blockchain technologies “to amplify our [MFS Africa’s] impact on consumers and businesses on the continent growth in a new economy.”
Meanwhile, in their Nov. 14 blog post, the Ripple team, which described the partnership as a “win for financial inclusion in Africa,” insisted that ODL is helpful to “markets that often struggle with liquidity sourcing.”
The team added that the evolution of the arrangement between Ripple and MFS Africa, which has 800 payment corridors across the continent, will see the “entire region stand to reap the financially inclusive benefits.”
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