KEY TAKEAWAYS
- Ripple partners with Chipper Cash to enhance cross-border payments into Africa using Ripple Payments.
- The integration aims to reduce time and friction in moving value into Africa, benefiting five million Chipper Cash customers.
- This partnership marks a significant expansion of Ripple’s business in Africa, promoting financial inclusion and economic growth.
- Ripple Payments offers near-global coverage, processing over $70 billion in volume with extensive regulatory compliance.
Ripple, a prominent provider of digital asset infrastructure for financial institutions, has announced a new partnership with payments provider Chipper Cash to enhance cross-border payments into Africa. The collaboration will utilize Ripple Payments, a solution that leverages digital assets to facilitate faster, more efficient, and cost-effective international transactions.
Chipper Cash, which serves five million customers across nine African countries, will integrate Ripple’s crypto-enabled payments solution to allow consumers to receive funds globally, 24/7. This integration aims to significantly reduce the time and friction associated with moving value into Africa.
Reece Merrick, Managing Director for the Middle East and Africa at Ripple, emphasized the significance of this partnership, stating, “Our partnership with Chipper Cash marks a key milestone in the expansion of Ripple’s business in Africa. Consumers and businesses across the continent are increasingly recognizing the potential of blockchain technology.” The integration is expected to enable faster, more affordable cross-border payments while fostering economic growth and innovation in the region.
Expanding Ripple’s Footprint in Africa
This partnership with Chipper Cash further expands Ripple’s presence in Africa, following its initial collaboration with Onafriq in 2023. Ripple’s digital asset infrastructure is designed to provide secure and compliant services for financial institutions, facilitating the tokenization, storage, exchange, and movement of digital assets.
Ham Serunjogi, Co-Founder and CEO of Chipper Cash, highlighted the potential benefits of the partnership, stating, “Crypto-enabled payments have the potential to enable greater financial inclusion, accelerate access to global markets, and empower businesses and individuals across Africa.” By integrating with Ripple’s global payments network, Chipper Cash aims to offer consumers faster and more cost-effective payment solutions.
Ripple’s Global Reach and Experience
Ripple Payments boasts near-global coverage, with over 90 payout markets representing more than 90% of daily foreign exchange markets. The platform processes over $70 billion in volume and holds more than 60 regulatory licenses and registrations across various jurisdictions. With over a decade of experience in the digital asset space, Ripple continues to expand its influence in the global cross-border payments market.
The full announcement can be found here.
Why This Matters: Impact, Industry Trends & Expert Insights
Ripple’s partnership with Chipper Cash aims to enhance cross-border payments in Africa by leveraging digital assets for faster and more cost-effective transactions. This collaboration is set to improve financial accessibility and efficiency across the continent.
Recent industry reports indicate a growing trend in the adoption of cryptocurrencies and stablecoins in Africa for cross-border payments. This trend is particularly relevant as Ripple’s partnership aligns with the increasing use of digital assets to bypass traditional banking systems and reduce transaction costs. This aligns with the news event’s impact on enhancing financial inclusion and efficiency in African markets.
Ripple’s strategic expansion into Africa through partnerships like Onafriq highlights its commitment to improving remittance services in regions with limited banking access. This supports the significance of Ripple’s collaboration with Chipper Cash, as it reinforces Ripple’s strategy to leverage its technology for financial inclusion and cross-border payment efficiency.
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