Ripple announced a new partnership with MFS Africa, a fintech company in Africa, with the goal of creating on-demand liquidity (ODL) corridors that would strengthen and encourage smooth and cost-effective payment methods via mobile payment systems.
Ripple Strikes Partnership Deal With MFS Africa
Ripple just announced a new partnership on Twitter that is poised to open a new ODL corridor with enormous returns and profitability close to $1 trillion. Ripple makes reference to this partnership in a recent tweet, suggesting that Africa’s capacity for mobile money exceeds a trillion dollars.
MFS Africa is considered to be the largest Mobile payment system in Africa, together with its widespread clients in other countries.
Ripple has partnered with numerous countries around the world as part of its expansion rally. A recent announcement was of a partnership with a large African fintech company. This partnership aims to provide smooth, efficient, and low-cost payment options for people all around the world.
The necessity to establish a home base for an electronic payment system in Africa emerged from the large and a numerous number of people who use mobile payments in their daily activities. However, it is expected that in the near future, Africa and Asia Pacific nations would account for more than 70% of the world’s mobile payment users.
Also read:Benefits Of This Partnership
This predicted percentage of users is certain to attract numerous firms that would also benefit from this mobile payment mechanism, such as wire transfers. This would be Ripple’s entrance point, as they would utilize its On-Demand Liquidity ODL to meet the demands of these companies, such as access to money, without having to go through the traditional channels.
Furthermore, the ODL system helps to address many flaws that are faced while processing cross-border payments, which took a long time and was a tiresome procedure when using traditional methods. The huge commissions and taxes on these traditional transactions were discouraging enough.
Ripple has expanded its reach throughout the course of the year, introducing ODL corridors in several countries, including Brazil. This launch was made possible through the Travelex Bank in Brazil.
As Trango, a Ripple partner, moved its activities to the UAE, a new corridor was developed to spread this company’s reach.
France and Sweden have also joined in this trend, hosting a new ODL platform in combination with payment in Paris.
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