Ripple, the leading blockchain-based payments firm, has announced a partnership with MFS Africa to facilitate outward remittance to over 130 financial institutions. The partnership aims to leverage Ripple’s blockchain technology and MFS Africa’s extensive network to make cross-border payments more accessible and affordable.
In a recent statement, Brad Garlinghouse, CEO of Ripple, expressed his excitement for the partnership, saying, “We are thrilled to partner with MFS Africa to expand the reach of our payment solutions. This partnership will enable more people to access fast, secure, and affordable cross-border payments, which will ultimately promote financial inclusion and economic growth.”
MFS Africa, which is known for its digital payments platform, operates in over 30 African countries and has connections with more than 180 million mobile wallets. By partnering with Ripple, the company hopes to improve its services and offer faster and cheaper cross-border payments to its customers.
According to Dare Okoudjou, CEO of MFS Africa,
“Ripple’s blockchain technology is an ideal fit for our payment platform. It will enable us to offer more reliable and cost-effective remittance services to our customers, while also expanding our network of financial institutions.”
The partnership is expected to have a significant impact on the remittance industry, which is currently dominated by traditional players like Western Union and MoneyGram. With the help of blockchain technology, Ripple and MFS Africa hope to disrupt the market and offer a more accessible and affordable alternative for cross-border payments.
As the demand for faster and cheaper remittance services continues to grow, partnerships like this one are likely to become more common. The collaboration between Ripple and MFS Africa is a significant step towards creating a more inclusive and accessible financial system for everyone.