MFS Africa is a pan-African payments company. It has teamed up with the U.S. tech company Ripple to make it easier for its customers in 35 countries to make real-time mobile payments.
As part of the agreement, MFS Africa, which runs more than 800 payment corridors across Africa, will use Ripple’s crypto solution called on-demand liquidity (ODL) to help its customers send money faster and cheaper across the continent.
Ripple praised the collaboration as a “victory for financial inclusion in Africa,” noting that its ODL benefits “markets that frequently struggle with liquidity sourcing.”
Ripple says that its On-Demand Liquidity (ODL) solution makes it easier to send money across borders without having to deal with things like high fees, slow payment settlement times, and even the need to go to a physical bank branch.
MFS Africa says that it connects more than 400 million mobile wallets in 35 African countries. As the partnership between MFS Africa and Ripple grows, the company expects the whole region to benefit financially.