Global Finance Magazine recently spotlighted Ripple’s entrance into the African payment market. In a report released today, the prominent Silicon Valley tech firm collaborated with MFS Africa to enable immediate cryptocurrency transactions across 35 African nations utilizing its On-Demand Liquidity (ODL) solution.
Ripple has chosen to improve the African payment system through ODL, which is becoming an important factor in the area. In a declaration, Ripple commented that it is predicted that Africa’s population will reach an incredible 1.7 billion by 2030.
Ripple pointed out that, according to United Nations figures, Africa is increasingly becoming a centre for the mobile payments sector. It makes up 70% of the trillion-dollar global mobile money market. In 2021 African nations carried out $701.4 billion worth of mobile money transactions, which was 39% higher than in 2020.
Brooks Entwistle, Ripple’s Senior Vice President for Global Customer Satisfaction, stated:
“Crypto can, and is, eliminate the traditional problems associated with cross-border payments such as lengthy transfer times, unreliability and excessive cost while complementing our formerly purely fiat financial infrastructure at low cost.”
Ripple collaborated with MFS Africa for the project because of their wide presence in Africa. Notably, MFS Africa has a vast mobile money network throughout the continent, connecting over 400 million phone wallets in 35 countries and operating in 800 financial pathways.
Ripple Spread Effection On International Payment Industry
Global Finance Magazine recognizing Ripple’s work in Africa’s payment market is not unexpected. Ripple is devoted to using blockchain technology to solve actual problems, particularly in the area of payments. Their ODL system allows for low-cost international transactions. By using XRP as a bridge currency for these transfers, it eliminates the need for upfront funding and accelerates settlement speed.
Ripple CEO Brad Garlinghouse recently praised the firm’s team for their assistance in allowing customers to transfer money internationally.
Global Finance, a monthly financial publication, was started in 1987. Its primary readers are corporate leaders such as presidents, CFOs and CEOs. It is distributed in 158 countries and has a total of 50,000 subscribers every month. Global Finance’s headquarters is located in New York City, United States.
