Ripple Rises Payment Options to Africa Alongside Us Regulatory Pressure
- ODL service streamlines the process of transmitting money across international boundaries.
- Mobile money users are primarily concentrated in Asia-Pacific and Africa’s frontier markets.
Ripple has teamed with MFS Africa, a leading fintech company with the largest mobile money reach in Africa, to streamline real-time mobile payments for its consumers across 35 nations. To facilitate transactions on its platform, MFS Africa will leverage Ripple’s on-demand liquidity product ODL, which uses XRP to support international transfers like remittances.
MFS to Utilize ODL Feature
By eliminating costly fees, long payment settlement delays, and even the need to visit a physical bank branch, Ripple’s On-Demand Liquidity (ODL) service streamlines the process of transmitting money across international boundaries. Mobile money users are primarily concentrated in Asia-Pacific and Africa’s frontier markets, which frequently struggle to get liquidity. This presents a great opportunity for cryptocurrency solutions like ODL to support companies who cannot obtain financing from conventional sources.
MFS Africa CEO Dare Okoudjou stated:
The Ripple MFS Africa partnership represents a confident, important and bold first step for our crypto strategy to leverage blockchain technologies to amplify our impact on consumers and businesses on the continent. growth in a new economy.
With over 800 payment lanes operating across the continent, MFS Africa connects more than 400 million mobile wallets from 35 different African nations. As MFS Africa and Ripple’s cooperation develops, the entire area stands to gain from its financial inclusion.