Ripple recently added Ghana fintech firm Waya Money according to the latter’s website, giving citizens of 3 African countries instant cross-border payments. The latter currently serves Ghana, Nigeria, and Kenya, but soon plans to expand into many more African countries.
Waya Money is a fintech company that is keen on leveraging blockchain technology to modernize Africa’s payment systems, having already partnered with the likes of Stellar (XLM) and BitPesa.
Local media has described the partnership as one having a potentially enormous impact for citizens, who have to endure long payment times and high fees with bank transfers.
Africa has been deemed a very lucrative continent for the cryptocurrency market, which best aids those in developing countries. Both Africa and Southeast Asia have been touted as major markets for blockchain solutions and many projects are indeed targeting these regions.
Cardano (ADA) is working with local officials to raise awareness and education, and has also partnered with the South African National Blockchain Alliance (SANBA). Thailand-based OmiseGo (OMG), which was recently listed on Coinbase, is looking to “bank the unbanked” with its multifaceted clearing house solution. Singer and performer Akon is building an entire city in Kenya, which will be run on his token Akoin.
Ripple itself has added several financial institutions from the Asian and African regions to its RippleNet, which is a collection of financial institutions that use Ripple’s technology to facilitate instant bank transfers.