Africa’s fintech innovator taps Ripple to provide round-the-clock fund transfers
Key Takeaways
Ripple and Chipper Cash partner to enable faster cross-border payments in Africa.
The collaboration aims to expand Ripple’s business and drive financial inclusion across the continent.
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Ripple and African fintech company Chipper Cash have joined forces to accelerate cross-border payments on the continent, the company announced Thursday.
As part of the collaboration, Chipper Cash will adopt Ripple Payments, a blockchain-powered solution designed to make international transactions faster, cheaper, and more efficient.
Cross-border transactions will become much easier and faster with this integration, as customers can receive money from all over the world at any time, seven days a week, according to Ripple.
Chipper Cash currently serves five million customers across nine African countries
Ripple’s Managing Director for the Middle East and Africa, Reece Merrick, said the partnership is an important step in expanding Ripple’s business within the region, particularly since blockchain technology is becoming increasingly popular among consumers and businesses in Africa.
In addition to fast and affordable payments, the partnership will spur economic growth and innovation in the markets it serves, Merrick said.
“By integrating our technology into Chipper Cash’s platform, we’re enabling faster, more affordable cross-border payments while driving economic growth and innovation across the markets they serve.”
Ham Serunjogi, Co-Founder and CEO of Chipper Cash, expressed the belief that crypto-enabled payments can improve financial inclusion, provide greater access to global markets, and empower both businesses and individuals throughout Africa.
He indicated that by connecting to Ripple’s global payment network, Chipper Cash aims to deliver quicker and lower-cost payment solutions for its users.
Chipper Cash isn’t Ripple’s first venture into the African market. In 2023, the firm partnered with Onafriq, a leading African fintech company, to expand into the region.
The Onafriq partnership aims to facilitate digital asset-enabled cross-border payments between Africa and several new markets, including the Gulf Cooperation Council (GCC), the UK, and Australia.
Ripple’s partnerships extend far beyond Africa, encompassing a global network of financial institutions and companies. The company has established collaborations with major banks and fintech firms across Asia, Europe, North and South America, Australia, and the Middle East.
The company recently obtained a license from the Dubai Financial Services Authority to provide regulated crypto payments in the Dubai International Finance Centre, marking its first such authorization in the Middle East.
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