Ripple Partners with Chipper Cash to Revolutionize Cross-Border Transactions
In a significant move to enhance cross-border payments, blockchain technology leader Ripple has formed a strategic partnership with the Africa-based fintech company Chipper Cash. Under this agreement, Chipper Cash will leverage Ripple Payments for its international transactions. This collaboration aims to facilitate faster and more cost-effective cross-border payments in Africa, aligning with Ripple’s expansion strategy in the region.
Transforming Financial Systems in Africa with Blockchain Technology
Ripple, a pioneer in blockchain payment technologies, has recently announced a crucial partnership with Chipper Cash. The collaboration, revealed yesterday, is set to make international money transfers across the African continent quicker and more economical. As part of this strategic alliance, Chipper Cash will begin utilizing Ripple Payments technology for its cross-border operations.
This partnership is designed to enhance the speed, cost-efficiency, and overall effectiveness of international money transfers in Africa. Reece Merrick, Ripple’s General Manager for the Middle East and Africa, described the agreement as a significant step in the company’s growth strategy within the region.
Merrick noted, “Consumers and businesses in Africa are increasingly recognizing the potential of blockchain technology.” He emphasized that by integrating their technology into the Chipper Cash platform, they are not only accelerating the speed of cross-border payments but also reducing costs, thereby fostering economic growth in the relevant markets.
The Growing Adoption of Blockchain in Africa
This collaboration comes at a time when the adoption of blockchain technology is gaining momentum across Africa, particularly in the remittance and payment sectors. A recent report by Chainalysis indicated that stablecoins now account for nearly half of the total transaction volume in Sub-Saharan Africa. Similarly, another report set to be released by the end of 2024 suggests that various developing economies in Africa have the potential to become digital asset hubs.
Ripple’s executive highlighted that as the remittance market expands, many companies are beginning to adopt blockchain technology to enhance operational efficiency. Ham Serunjogi, co-founder and CEO of Chipper Cash, emphasized the extensive impact that crypto-enabled payments could have in Africa.
Serunjogi stated, “Crypto-enabled payments have the potential to enhance financial inclusion, accelerate access to global markets, and empower businesses and individuals across Africa.” He also mentioned that by integrating Ripple’s technology, they are enabling their customers to receive payments more quickly and at lower costs.
Expanding Ripple’s Reach in Africa
This new partnership also extends Ripple’s previous agreement with Onafriq, signed in 2023, which utilizes its infrastructure to process payments between 27 African countries and regions including Australia, the United Kingdom, and the Gulf Cooperation Council countries.
Additionally, Ripple secured a license from Dubai in March to offer crypto-supported payments in the United Arab Emirates. Following the favorable ruling in its case against the U.S. Securities and Exchange Commission, the company is expected to accelerate its operations further.
Ripple CEO Brad Garlinghouse remarked that the court decision has provided significant clarity for the company, stating, “We are now in a position to decide how we want to move forward.”
Efforts to obtain comments from Ripple and Chipper Cash were made, but no response has been received yet.
