Ripple-enabled remittances to flow from 19 European countries to Africa
Ripple-enabled remittances would soon be available in Africa from 19 European countries through Nala, a Tanzanian fintech business and agent for Ripple partner Modulr.
Ripple to Facilitate Remittances from 19 European Countries to Africa via Its Partner
Modulr, a payments platform, established cooperation with Ripple in February 2022 to enable seamless payments across the United Kingdom and Europe. Together, the two fintech seek to enable firms to conduct worldwide real-time payments using Ripple’s financial technology, RippleNet.
Nala, an agent of #Ripple partner Modulr, expands into the European market, enabling remittances to Africa from 19 EU countries in addition to current US and UK corridors.#xrpthestandard pic.twitter.com/ewVEZVULpk
— Tehol_Beddict_XRP (@TeholBeddictXRP) December 14, 2022
Following the inclusion of numerous new ODL clients and expansion into new geographies, including Lemonway, Travelex Bank, and Singapore-based payments company FOMO Pay, Ripple 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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