Ripple Will Help Its Partner Process Remittances From 19 European Nations To Africa
Through Nala, a Tanzanian fintech business and representative of Modulr, Ripple-enabled remittances would soon be expanding from 19 European nations into Africa.
Payments platform Modulr announced a cooperation with Ripple in February 2022 to enable frictionless transactions in the U.K. and Europe. By combining their efforts, the two fintechs hope to make it possible for companies to conduct international real-time payments via RippleNet.
NALA made its breakthrough into the U.K. market powered by Modulr when it became an Electronic Money Directive (EMD) agent through its engagement with the XRP partner. In partnership with a digital payment gateway called MFS Africa, XRP made an official announcement about its entry into Africa last month.
With the help of MFS Africa and Ripple’s financial technology, RippleNet, people and businesses in Africa will be able to send money across borders in real time utilizing the On-Demand Liquidity (ODL) solution for crypto-enabled payments.
Following the inclusion of numerous new ODL clients and expansion into new geographies, including Lemonway, Travelex Bank, and Singapore-based payments company FOMO Pay, XRP has partnered with MFS Africa. In 2018, Ripple’s ODL was introduced to service low-value, high-volume international payments, particularly remittances.
Since then, it has grown to cover other payment use cases, such as treasury and bulk SME payments. The ODL currently manages millions of transactions totaling billions of dollars and permits payouts in about 40 nations, including Singapore, Brazil, Malaysia, Poland, Indonesia, and Thailand.
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