menuIcon
$ 104,061.5
BTC
$ 104,061.5
1.75 %
$ 2,681.58
ETH
$ 2,681.58
8.87 %
$ 0.8301
ADA
$ 0.8301
3.32 %
$ 664.80
BNB
$ 664.80
1.43 %
$ 183.56
SOL
$ 183.56
6.91 %
Sonakshi Saxena
Dec 5, 2023
by Sonakshi Saxena

Ripple Targets Africa: XRP Aims $2.7 Trillion Growth

XRP Aims $2.7

Table of contents

  1. Ripple and Onafriq Collaborate for Fintech Inclusion in Africa
Ripple is strategically positioning itself to tap into Africa's burgeoning fintech market, targeting a substantial opportunity estimated at $2.7 trillion. The company has recently entered into a collaboration with Onafriq, a move aimed at streamlining cross-border transactions and addressing challenges associated with outdated payment systems prevalent in the continent.

Acknowledging Africa's significant role in the global business landscape, Ripple aims to leverage the remarkable growth in the African fintech sector, particularly in the realm of payments. Analysis indicates that financial services revenue in Africa is poised to reach $230 billion within the next two years, propelled by the increasing adoption of fintech, a growing base of mobile phone users, and a rising interest in digital banking.

Ripple and Onafriq Collaborate for Fintech Inclusion in Africa

The partnership between Ripple and Onafriq specifically focuses on addressing common issues in cross-border money transfers, including high fees, slow settlement times, and limited access to traditional bank branches. Onafriq, with its extensive reach connecting hundreds of millions of mobile wallets across much of Africa and operating payment corridors, plays a crucial role in facilitating financial inclusion.

This collaboration has the potential to deliver tangible benefits to the entire African region, aligning with Ripple's strategic vision for the promising $2.7 trillion market. As Africa strengthens its position in the global economy, financial institutions have an opportunity to explore new revenue streams by participating in the region's rapid growth. Leading countries in the African fintech revolution include South Africa, Nigeria, Kenya, Ghana, and Egypt. Notably, in Nigeria, where mobile phone ownership is high but credit card usage remains low, there exists a significant market gap for the financial services industry to address.

Follow us on: News
XRP Aims $2.7
Ripple Targets Africa: XRP Aims $2.7 Trillion Growth
Sonakshi Saxena
Sonakshi is into the crypto world ever since she heard about it and is pursuing her interest through Cryptoknowmics. She is a sensational poet, technical writer and content strategist.

Top Picks