Main navigation

Ripple to Facilitate Remittances from 19 European Countries to Africa via Its Partner

Thu, 12/15/2022 - 13:37
article image
Tomiwabold Olajide
Ripple-enabled remittances to flow from 19 European countries to Africa
Ripple to Facilitate Remittances from 19 European Countries to Africa via Its Partner
Cover image via

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Read U.TODAY on
Google News

Ripple-enabled remittances would soon expand into Africa from 19 European countries via Nala, a Tanzanian fintech company and agent of Modulr, a Ripple partner.

In February 2022, payments platform Modulr announced a partnership with Ripple to enable seamless payments in the U.K. and Europe. Together, the two fintechs intend to allow businesses to run real-time payments internationally, powered by Ripple's financial technology, RippleNet.

NALA made its entry into the U.K. market powered by Modulr when it became an Electronic Money Directive (EMD) agent through its collaboration with the Ripple partner.

Last month, Ripple officially announced its arrival in Africa in collaboration with MFS Africa, a digital payments gateway. MFS Africa will use Ripple's On-Demand Liquidity (ODL) solution for crypto-enabled payments to enable individuals and businesses in Africa to make real-time payments across borders using their mobile phones, all powered by Ripple's financial technology, RippleNet.

RippleNet Is "Actively" Utilized by Curacao's Top Bank, Vidanova

Ripple's collaboration with MFS Africa follows the addition of many new ODL customers and expansion into new markets, including Lemonway, Travelex Bank and Singapore-based payments firm FOMO Pay.

Ripple's ODL was launched in 2018 to serve low-value, high-volume cross-border payments, notably remittances, and has subsequently expanded to several payment use cases, including treasury and bulk SME payments.

Currently, ODL conducts millions of transactions worth billions of dollars and allows payouts in roughly 40 countries, including Singapore, Brazil, Malaysia, Poland, Indonesia and Thailand.

article image
About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.