Key Takeaways:
- Ripple partners with Chipper Cash to enable faster, cost-effective cross-border payments in Africa.
- The collaboration leverages Ripple Payments, enhancing financial inclusion and global remittance access.
- Blockchain adoption grows as Ripple expands its reach, processing $70 billion in transactions
Ripple and African fintech company Chipper Cash have announced a partnership aimed at streamlining cross-border payments in Africa. Notably, the collaboration will leverage Ripple Payments, a crypto-enabled solution designed to make transactions faster and more cost-effective across the continent.
The partnership, revealed on March 27, will allow Chipper Cash’s five million customers across African countries to receive funds from global sources instantly. By using Ripple’s blockchain-based payment infrastructure, the companies seek to reduce transaction times and costs associated with international money transfers.
Ripple Expands Its Presence in Africa
Ripple, known for its compliance-driven digital asset infrastructure, holds more than 60 regulatory licenses across various jurisdictions. Its technology enables financial institutions to tokenize, store, exchange, and transfer digital assets securely.
Notably, this latest partnership builds on Ripple’s ongoing expansion in Africa. The company previously partnered with Onafriq in 2023 to support blockchain-based payment solutions in the region. Per the announcement, Ripple’s global reach now covers more than 90% of daily foreign exchange (FX) markets, processing over $70 billion in transactions.
Reece Merrick, Ripple’s Managing Director for the Middle East and Africa noted that:
“Our partnership with Chipper Cash marks a key milestone in the expansion of Ripple’s business in Africa, by integrating our technology into Chipper Cash’s platform, we’re enabling faster, more affordable cross-border payments while driving economic growth and innovation across the markets they serve.”
Chipper Cash Taps into Blockchain for Faster Payments
Chipper Cash, a prominent digital financial services provider in Africa, views the partnership as a means to boost financial inclusion. Ham Serunjogi, Co-Founder & CEO of Chipper Cash, emphasized that crypto-enabled payments could significantly increase financial inclusion, provide faster access to global markets, and empower both businesses and individuals throughout Africa.
By collaborating with Ripple, Chipper Cash harnesses the transformative potential of blockchain technology to enable customers to receive payments faster and at lower cost.
Future of Crypto-Enabled Cross-Border Payments in Africa
As the demand for efficient cross-border payments continues to grow, blockchain technology is increasingly being adopted to improve the speed and affordability of transactions. Ripple’s partnership with Chipper Cash underscores the increasing role of digital assets in transforming Africa’s financial landscape.
