Ripple Partners With Chipper Cash to Support Cross-Border Payments Into Africa
Ripple, a provider of digital asset infrastructure for financial institutions, announced on Thursday that it has partnered with Chipper Cash, an African payments company.
In a statement shared with Cryptonews, the firm said this deal looks to streamline cross-border payments into Africa using Ripple Payments, a blockchain-powered solution designed to enhance transaction speed, reduce costs, and increase efficiency. Chipper Cash, which serves five million customers across nine African countries, will begin using Ripple’s crypto payments technology to facilitate money transfers. This will allow individuals and businesses to receive funds from around the world 24/7, 365 days a year, said the firm. This partnership is a huge step in Ripple’s expansion across Africa, a continent where remittances play a crucial role in economic growth. The firm recognizes that Africa has one of the highest remittance costs globally, often exceeding 7% per transaction, according to the World Bank. By utilizing blockchain technology, Ripple and Chipper Cash aim to lower these costs and increase financial accessibility for millions of people.
Ripple Invests in Africa’s Digital Payment Infrastructure
“Our partnership with Chipper Cash marks a key milestone in the expansion of Ripple’s business in Africa,” said Reece Merrick, Managing Director for the Middle East and Africa at Ripple. “Consumers and businesses across the continent are increasingly recognizing the potential of blockchain technology, and we are excited to bring our crypto-enabled payments solution to our partners in the region,” he added. This partnership follows Ripple’s previous collaboration with Onafriq, formerly known as MFS Africa, in 2023. By integrating Ripple Payments, Chipper Cash says it seeks to provide faster, more affordable cross-border transactions, helping drive economic growth and innovation across Africa.
Financial Inclusion Through Blockchain
“Crypto-enabled payments have the potential to enable greater financial inclusion, accelerate access to global markets, and empower businesses and individuals across Africa,” says Ham Serunjogi, Co-Founder and CEO of Chipper Cash. “Through integrating with Ripple’s global payments network, we are excited to harness the transformative potential of blockchain technology to enable consumers to receive payments faster and at lower cost,” adds Serunjogi. Ripple Payments covers over 90 payout markets and processes over $70 billion in transaction volume. With regulatory licenses and registrations worldwide, Ripple said it offers a secure and compliant digital asset infrastructure allowing financial institutions to tokenize, store, exchange, and move digital assets efficiently.
Ripple Settles With SEC Paying $50M
Earlier this week, Ripple has settled with the U.S. Securities and Exchange Commission (SEC), agreeing to pay a $50 million penalty and withdraw its cross-appeal in the long-running lawsuit. In return, the SEC requested that an injunction preventing Ripple from selling XRP to institutional investors be removed. This settlement substantially reduces Ripple’s financial penalty, originally set at $125 million. These events highlight blockchain technology’s transformation potential in improving financial systems, especially in regions like Africa. They also emphasize the importance of regulatory clarity in shaping the future of the cryptocurrency industry.