Ripple Has Reached an Agreement With MFS Africa Regarding a Partnership

Ripple just now made an announcement on Twitter about a new partnership that is going to launch a new ODL corridor that will have significant returns and profitability that is close to a trillion dollars. In a recent tweet, Ripple made mention of this relationship and suggested that Africa's potential for mobile money is greater than one trillion dollars.

Along with its vast clientele in other nations, MFS Africa is widely regarded as the most successful mobile payment system now operating in Africa.

As part of its global drive, Ripple has formed partnerships with a significant number of nations all around the world. A recent release revealed a relationship with a sizable financial technology company based in Africa. People from all across the world will have access to payment methods that are streamlined, effective, and relatively inexpensive thanks to our relationship.

The huge and growing number of people who make mobile payments as part of their day-to-day activities gave rise to the necessity of establishing a home base for an electronic payment system in Africa. On the other hand, it is anticipated that in the not-too-distant future, countries in Africa and Asia Pacific would make up more than 70 percent of the world's consumers of mobile payment systems.

The Benefits That Come From Working Together

This anticipated percentage of users is sure to attract a great number of businesses that, like wire transfers, would also benefit from this mobile payment system. This would be the entry point for Ripple, as the company would use its On-Demand Liquidity ODL to satisfy the requirements of these businesses, such as access to money, without having to go through the standard channels.

Furthermore, the ODL system helps to address many problems that are faced while processing cross-border payments, which was a procedure that took a long time and was a laborious process when utilizing previous techniques. This is made possible by the fact that the ODL system helps to handle these issues. The enormous commissions and taxes that were attached to these conventional transactions were enough to discourage people.

Ripple has increased its global presence throughout the course of the year by launching ODL corridors in a number of countries, one of which being Brazil. Because of the Travelex Bank in Brazil, we were able to successfully launch this product.

As a result of Ripple partner Trango moving its operations to the United Arab Emirates (UAE), a new corridor was established to expand the reach of this company.

France and Sweden are the most recent countries to join this trend by establishing a new ODL platform in combination with payment in Paris.