Ripple, a leading provider of cross-border payment and digital asset custody solutions, has partnered with payments provider Chipper Cash to enhance cross-border payments into Africa through Ripple payments.
This collaboration leverages digital assets to enable faster, more cost-effective, and seamless international transactions.
With over five million customers across nine African countries, Chipper Cash will now integrate Ripple’s crypto-enabled payments solution to facilitate 24/7/365 global fund transfers. This innovation significantly reduces friction and delays, making cross-border remittances into Africa more efficient than ever.
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Commenting on the partnership, Reece Merrick, Managing Director, Middle East and Africa, at Ripple said,
“Our partnership with Chipper Cash marks a key milestone in the expansion of Ripple’s business in Africa. 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. By integrating our technology into Chipper Cash’s platform, we’re enabling faster, more affordable cross-border payments while driving economic growth and innovation across the markets they serve. With over a decade of experience in tokenizing real-world assets, Ripple’s journey began by bringing fiat currencies on-chain to simplify international money transfers. As the global cross-border payments market grows, more institutions like Chipper Cash are tapping into the transformative power of blockchain technology to drive efficiency and innovation.”
Also commenting, Ham Serunjogi, Co-founder & CEO at Chipper Cash said,
“Crypto-enabled payments have the potential to enable greater financial inclusion, accelerate access to global markets, and empower businesses and individuals across Africa. Through integrating with Ripple’s global payments network, we are excited to be able to harness the transformative potential of blockchain technology to enable consumers to receive payments faster and at lower cost.”
Ripple’s secure and compliant digital asset infrastructure positions it as a trusted partner for financial institutions seeking to tokenize, store, exchange, and transfer digital assets. With a global reach spanning 90+ payout market, Ripple Payments covers over 90% of daily FX transactions and has processed more than $70 billion in volume.
With over a decade of expertise in digital assets and 60+ regulatory licenses worldwide, Ripple continues to drive innovation in cross-border payments, enabling institutions like Chipper Cash to unlock new opportunities for financial connectivity and inclusion across Africa.
The Growth of Cross-Border Payments in Africa
In recent years, Africa has witnessed a transformative shift from traditional payment methods to increased adoption of alternative payment methods for domestic and cross-border payments for individuals and businesses.
Cross-border payments on the continent are experiencing significant growth, driven by technological advancements, increasing internet penetration, and a rising demand for seamless financial transactions.
With Africa’s digital economy projected to reach $180 million by 2030, cross-border payments will play a crucial role in the continent’s economic growth.
While high transaction costs remain a hurdle, the introduction of Blockchain is making cross-border payments in Africa faster, cheaper, and more secure. In the past, payments have to go through multiple banks, which sometimes causes delays and extra fees. But with Blockchain, transactions are swift with little fees, eliminating the need for intermediaries.
This has been crucial for businesses in Africa, who rely on fast and affordable payments. Reports reveal that over time, blockchain will help African countries rely less on foreign currencies and make it easier to trade using local currencies.
In summary, Africa’s cross-border payments landscape is on an upward trajectory, fueled by digital innovation and increasing connectivity. While challenges persist, ongoing initiatives and technological advancements are paving the way for a more efficient and inclusive financial ecosystem across the continent. Notably, the partnership between Ripple and Chipper Cash represents a major advancement for cross-border payments in Africa.