In a significant move aimed at transforming cross-border payments in Africa, Ripple has partnered with Chipper Cash, a prominent African payment infrastructure provider. This collaboration, formally announced on March 27, seeks to harness the power of crypto to facilitate quicker, more cost-effective transactions across the continent.
As part of this partnership, Chipper Cash will integrate Ripple Payments into its cross-border transaction framework, enhancing the efficiency and affordability of remittances. Reece Merrick, Ripple’s Managing Director for the Middle East and Africa, highlighted the importance of this collaboration, stating it represents a pivotal step in Ripple’s expansion within the African market. He also noted that consumers and businesses on the continent are increasingly recognizing the potential of blockchain technology.
Chipper Cash. Source: Chipper Cash official website
The rise of blockchain technology across Africa, particularly within the remittance and payments sectors, underscores the partnership’s significance. A recent Chainalysis report indicated that stablecoins now account for nearly half of all transaction volumes in Sub-Saharan Africa. Additionally, a late 2024 report suggested that various emerging economies in Africa have the potential to become digital asset hubs.
“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,” Merrick stated.
Growing Blockchain Adoption in Remittances
The remittance market’s growth has led many companies to adopt blockchain technology, realizing enhanced operational efficiencies. Chipper Cash co-founder and CEO Ham Serunjogi emphasized the substantial impact of crypto-enabled payments in Africa, asserting that they facilitate greater financial inclusion, accelerate access to global markets, and empower individuals and businesses alike.
Serunjogi remarked that the integration of Ripple’s technology allows Chipper Cash customers to receive payments faster and at reduced costs. This partnership also builds upon Ripple’s existing Onafriq deal, further extending its payment processing capabilities across 27 African countries and facilitating transactions with Australia, the United Kingdom, and the Gulf Cooperation Council.
Ripple’s Strategic Moves
March also saw Ripple securing a license to operate cryptocurrency-powered payments in the United Arab Emirates, indicating its commitment to expanding its footprint in the region. Following a recent legal victory against the United States Securities and Exchange Commission, Ripple’s CEO Brad Garlinghouse expressed optimism, stating that the favorable decision offers a clearer path for the company’s future activities.
“We now are in the driver’s seat to determine how we want to proceed,” Garlinghouse stated.
As Ripple and Chipper Cash continue to advance their partnership, the potential for transformed cross-border payment experiences in Africa becomes increasingly apparent, paving the way for a robust and inclusive financial future.
