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- Ripple and Chipper Cash partner to deliver faster, cheaper, and 24/7 cross-border payments into Africa.
- The partnership aims to remove delays and reduce costs in African remittances using Ripple’s blockchain technology.
- With operations in 9 countries, Chipper Cash can now process instant, secure global payments for over 5 million users.
Ripple joins hands with the African firm Chipper Cash to facilitate its blockchain services. Its purpose is the enhancement of cross-border to Africa through use of Ripple’s blockchain technologies. The objective of this relationship is to offer increased speed, low cost, and convenience of transactions. It also serves as another significant development in the growth strategy of Ripple as it seeks to take root in Africa’s financial systems.
Chipper Cash Expands Reach
Chipper Cash currently has its operations in nine African countries and has prominence with more than five million users. Cross-border transactions can now be processed at any time of the day by Chipper Cash through Ripple’s payment solution. Currently, users will not complain of delays occasioned by time differences or banking business hours. This will enable funds to be transferred as a single clearing instantly and with high levels of security.
Money transfer to Africa has been costly and time-consuming for several years now. Through conventional banking structures, there are mainly the challenges with additional time and cost. Ripple’s technology is intended to address these issues.While, it is much faster and tends to cost less compared to the traditional modes of transferring money across the border.
Reece Merrick the Managing Director, Ripple for Middle East and Africa Region has weighed in on the venture. He stated that there are increased awareness and investment interest by people in Africa on blockchain. He holds the view that Ripple’s tools shall prove worthwhile in driving innovation and extending growth support in the same region.
The deal was also welcomed by Ham Serunjogi, the co-founder of Chipper Cash and the Chief Executive Officer. He mentioned that blockchain has the potential to greatly assist in the improvement of people’s access to financial services. According to him, this will enhance the flow of remittances for the African users to be cheaper, faster and more reliable.
Ripple’s African Expansion Continues
Ripple has no stranger to Africa. In 2023, to take its position in the market it joined forces with Onafriq. However, this new cooperation with Chipper Cash also comes from that perspective. It portrays the fact that Ripple is still very much focused on ensuring that financial incentives are offered to the population of the continent.
Currently, the technology that underpins Ripple is already being utilised in more than ninety payout markets. In addition, this company clears more than $70 billion worth of transactions annually. The business activities include tokenization, storage of digital assets, and transfer. In addition to that, Ripple has gained more than sixty regulatory licenses globally.
Hence, the deal with Chipper Cash could revolutionize how people transact money to Africa. Faster payment transfer and reduced charges can benefit families, SMEs and big compels as well. Ripple and Chipper Cash are now two of the new generation FinTech firms that seek to integrate Africa more into the global system.
