Ripple targets unlicensed clients with new payment platform, announces Africa partnership

Quick Take

  • Ripple is unveiling a new payments platform geared toward servicing corporate clients that don’t have their own money transmitter licenses.
  • The company also announced a partnership with an African fintech that will allow customers to make crypto payments between Africa and other markets including the UK and Australia.

Crypto-payments firm Ripple announced two initiatives geared toward growing business interests in both the U.S. and Africa.

With the unveiling of an updated settlements platform, dubbed Ripple Payments, the company said it aims to attract a new brand of corporate clients in the U.S. with its cross-border payments solutions. Meanwhile, the company also announced a partnership with African fintech MFS Africa, which recently changed its name to Onafriq.

Both announcements come as Ripple hosts a flagship event in Dubai.

Ripple’s Head of Payment Products Brendan Berry said the company's new updated platform, Ripple Payments, is centered around simplicity. "We abstract all the complexity of interacting with digital assets and any knowledge or knowhow associated with blockchain and provide customers with an elegant solution so they can immediately start sending payments," added Berry.

With this updated, simplified platform, Ripple Payments is designed to serve new clients and companies that don't possess their own money transmitter license or have a deep knowledge or how blockchain and crypto works, he said. Ripple's acquisition of money transmitter licenses — such as the 30 it has in the U.S. — has been key to rolling out the new payments product, he also said.

Up until now, Ripple has primarily focused on serving licensed financial institutions which often transmit across borders instantly using Ripple’s XRP +4.08% token as a bridge currency. Now, new corporate clients, after onboarding with Ripple, will be able to send payments to other users on the network.

Berry hopes this will improve companies’ ability to complete cross-border payments to suppliers, vendors or oversea employees more effectively. Ripple said currently serves customers in more than 50 countries on six continents. The new Ripple Payments solution is available in the U.S. first with the aim to expand to more places next year. 


Keep up with the latest news, trends, charts and views on crypto and DeFi with a new biweekly newsletter from The Block's Frank Chaparro

By signing-up you agree to our Terms of Service and Privacy Policy
By signing-up you agree to our Terms of Service and Privacy Policy

African partnership

Meanwhile, Ripple also announced a new partnership with fintech MFS Africa, now known as Onafriq. The new collaboration will focus on facilitating cross-border crypto payments between Africa and other markets including the UK, Australia and Gulf Cooperation Council.

Using Ripple Payments, customers of PayAngel in the UK, Pyypl in the GCC, and Zazi Transfer in Australia will be able to send money "to recipients in 27 countries across Onafriq's pan-African network," the companies said in a statement.

Onafriq is a leading provider of mobile money transfer solutions, the statement also said. "The fintech's payment hub connects over 500 million mobile wallets across 40 African countries," it also stated.

"Connecting our partners PayAngel, Pyppl and Zazi Transfer with Onafriq over Ripple Payments will bring the benefits of faster and more cost-effective cross-border payments to individuals seeking to send money into Africa from around the globe," said Ripple SVP Aaron Sears.

© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

About Author

RT Watson is a senior reporter at The Block who covers a wide array of topics including U.S.-based companies, blockchain gaming and NFTs. Formerly covered entertainment at The Wall Street Journal, where he wrote about Disney, Netflix, Warner Bros. and the creator economy while focusing primarily on technological disruption across media. Previous to that he covered corporate, economic and political news in Brazil while at Bloomberg. RT has interviewed a diverse cast of characters including CEOs, media moguls, top influencers, politicians, blue-collar workers, drug traffickers and convicted criminals. Holds a master's degree in Digital Sociology.


To contact the editor of this story:
Nathan Crooks at
[email protected]