Ripple, Stellar will help startups like Waya to make payments and transfers in Africa simple and instant

Payment systems in Africa are extremely challenging for many businesses here. And this headache problem was solved by Waya – one of Ripple’s partners, Stellar and others. Their duties are making payments and transfers in Africa simple and instant.

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Ripple partner, Waya, who are they?

Waya is a cross-border, cross-network remittance, and payment solution for Africa. With headquarters in Ghana, it was founded in 2018. Waya’s interoperability platform connects with banks, mobile money operators, and other digital payment providers from all over the world to serve Africa.

At press time, Waya allows payments between Ghana, Nigeria, and Kenya. Still, it is expected to include South Africa, Ivory Coast, Tanzania, Rwanda, Uganda, Liberia, Burkina Faso, and Sierra Leone soon.

The broad potential of Africa

As AZCoin News reported, it seems recently that companies are slowly looking to the African market. Including an implication from CEO Binance, CZ, about an extremely open attitude towards this African continent.

Currently, Africa is still one of the continents with the most unbanked citizens in the world. Of which, not only do 17% of the worlds unbanked live in Sub-Saharan Africa, but it is the most expensive region of the world to send money to.

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Source: World Bank

With Ripple rapidly expanding its reach across the world, it is good to see that efforts are being made to improve a region with little financial inclusion but the most friction in payments. And also hope new technologies like Blockchain and Distributed Ledger Technology (DLT) will change this story.

A 2013 investment in Ripple by Google Ventures still was unspecified

In a new interview with TechCrunch, the co-founder of Digg Kevin Rose stated Ripple’s pitch was to make companies comfortable with blockchain technology by offering a corporate, legal way to route payments using the technology.

Rose said:

“Early Ripple reminded me of a company that could come in, put some standards in place, and have these uptime guarantees and work with commercial banks and creates a backbone that was based on blockchain.”

Rose was the one who led an investment in Ripple of Google Ventures in 2013. However, this amount has not been disclosed so far. And apart from focusing on Ripple, Rose thinks that XRP still has the potential to emerge as a viable currency in the long term. Moreover, this potential will be greater when Ripple has long been planning to use XRP to solve the problem of remittances globally.

He concluded:

“I understood that XRP was going to be used as a way to handle a settlement in some capacity.”

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