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.
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.