MFS Africa, now a Ripple ODL user, has appeared Two times in BIS literature about multilateral payment platforms, most recently in January. It suggests the MFS Africa payment hub, connecting 35 African countries, may be a uniquely important partner.
An interesting observation: MFS Africa, now a #Ripple ODL user, has appeared 2x in BIS literature about multilateral payment platforms, most recently in Jan. It suggests the MFS Africa payment hub, connecting 35 African countries, may be a uniquely important partner. 1/2 pic.twitter.com/3zZDIzxk1c
— WrathofKahneman (@WKahneman) February 13, 2023
Ripple’s partnership with MFS Africa
Ripple, the leader in enterprise blockchain and crypto solutions, recently, announced its entry into Africa in partnership with MFS Africa, a leading digital payments gateway. The new partnership will see MFS Africa using Ripple’s On-Demand Liquidity (ODL) solution for crypto-enabled payments to make it easier than ever for consumers and businesses in Africa to make real-time payments with their mobile phones across borders all powered by Ripple’s financial technology, RippleNet.
Digital payments innovation in Africa is evolving at a rapid rate, making this the right time for Ripple’s long-awaited move into the region. Africa boasts a rapidly-growing population set to hit 1.7bn by 2030 and the continent’s uptake of digital payments is among the fastest globally. According to GSMA, Africa accounts for 70% of the world’s $1 trillion mobile money value. In 2021, the value of Africa’s mobile money transactions reached $701.4 billion, a 39% increase from the prior year.
MFS Africa is a leading payment fintech that has the largest and widest mobile money movement footprint across the region, at a time when mobile money is a significant driver of financial inclusion and has revolutionized access to financial services across Africa. The fintech’s payment hub connects over 400 million mobile wallets across 35 African countries, and operates across more than 800 payment corridors on the continent, promoting regional payment interoperability and seamless cross-border payments.
More remarks on the partnership
According to Brooks Entwistle, SVP of global customer success at Ripple, despite market turmoil, 2022 has been an unprecedented year for crypto’s usage in enterprise use cases. Ripple’s partnership with MFS Africa comes off the back of their expansion into a dozen new markets this year alone. The firm believes crypto can and is eliminating the traditional problems associated with cross-border payments such as lengthy transfer times, unreliability, and excessive cost, while complementing their formerly purely fiat financial infrastructure at low cost.
MFS Africa’s mission is to make borders matter less when it comes to payment within, to, and from Africa. 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,” said Dare Okoudjou, CEO at MFS Africa according to the firm’s statement.
Ripple’s partnership with MFS Africa comes on the back of a number of new ODL customers and entry into new markets including Lemonway, a Paris-based provider for online marketplaces; Travelex Bank, the first exclusive bank for foreign exchange transactions regulated by Brazil’s central bank; and Singapore-based payments institution FOMO Pay.