Ripple, a provider of digital asset infrastructure for financial institutions, announced on Thursday, it has partnered with Chipper Cash, an African payments company.
In a statement shared with Cryptonews, the firm said this deal looks to streamline cross-border payments into Africa using Ripple Payments, a blockchain-powered solution designed to enhance transaction speed, reduce costs, and increase efficiency.
This will allow individuals and businesses to receive funds from around the world 24/7, 365 days a year, said the firm. The firm recognises Africa has one of the highest remittance costs globally, often exceeding 7% per transaction, according to the World Bank.
Chipper Cash, which serves five million customers across nine African countries, will begin using Ripple’s crypto payments tech to facilitate money transfers.
“Consumers and businesses across the continent are increasingly recognizing the potential of blockchain technology, and we are excited to bring our crypto-enabled payments solution to our partners in the region,” he added.
“Our partnership with Chipper Cash marks a key milestone in the expansion of Ripple’s business in Africa,” said Reece Merrick, Managing Director for the Middle East and Africa at Ripple.
“Through integrating with Ripple’s global payments network, we are excited to harness the transformative potential of blockchain technology to enable consumers to receive payments faster and at lower cost,” adds Serunjogi. Ripple Payments covers over 90 payout markets and processing over $70 billion in transaction volume.
“Crypto-enabled payments have the potential to enable greater financial inclusion, accelerate access to global markets, and empower businesses and individuals across Africa,” says Ham Serunjogi, Co-Founder and CEO of Chipper Cash.
In return, the SEC requested that an injunction preventing Ripple from selling XRP to institutional investors be removed. These events highlight blockchain technology’s transformation potential in improving financial systems, especially in regions like Africa.
Earlier this week, Ripple has settled with the U.S. Securities and Exchange Commission (SEC), agreeing to pay a $50 million penalty and withdraw its cross-appeal in the long-running lawsuit.