MFS Africa, a pan-African payments company, has partnered with U.S based tech company Ripple to streamline real-time mobile payments for its customers across 35 countries.
As part of the agreement, MFS Africa which operates more than 800 payment corridors across Africa will use Ripple’s crypto solution known as on-demand liquidity (ODL) to facilitate faster and low-cost remittance to its users across the continent.
In a blog post, Ripple described the partnership as a "win for financial inclusion in Africa," adding that its ODL is helpful to "markets that often struggle with liquidity sourcing."
Ripple’s On-Demand Liquidity (ODL) solution reduces the frictions and bottlenecks associated with sending money across borders via legacy payment rails, like expensive fees, slow payment settlement times, and even access to a physical bank branch, the company said.
MFS Africa claims that it connects more than 400 million mobile wallets across 35 African countries, and expects that the entire region stands to reap the financially inclusive benefits as the partnership between MFS Africa and Ripple evolves.