Ripple Partners With Ghanaian Fintech Waya To Strengthen Instant Payments In Africa

Ripple Partners With Ghanaian Fintech Waya To Strengthen Instant Payments In Africa


Ghana Waya Money has apparently partnered with Ripple to bring instant cross-border settlements to millions of Africans in three countries if a recent update to the former's site is planned.

A "bus is faster" than bank transfers

Based in the trendy Accra region of Ghana, Waya is a digital challenger bank working for financial inclusion in Africa, a region victim of corrupt financial practices and sadly under-banked for its massive population.

Waya has partnered with the payment protocol based on the Ripple blockchain to likely solve such widespread problems:

Ghana Waya Money has apparently partnered with Ripple to bring instant cross-border settlements to millions of Africans in three countries if a recent update to the former's site is planned.

A "bus is faster" than bank transfers

Based in the trendy Accra region of Ghana, Waya is a digital challenger bank working for financial inclusion in Africa, a region victim of corrupt financial practices and sadly under-banked for its massive population.

Waya has partnered with the payment protocol based on the Ripple blockchain to likely solve such widespread problems:

At the time of publication, no additional details about the partnership exist online, such as those regarding the use of XRP in cross-border payments or the extension of the RippleNet platform.

If the comments from a local blog are reliable, the importance of instant transfers to the African region is immense. The blog claims that sending money between Togo and Ghana, two African countries, is cheaper and faster if the parties involved cross the border by bus rather than relying on the banks.

These problems hamper “intercontinental trade and commerce” across Africa, but the entry of actors like Waya is trying to solve the problem. The company even promises a “30 minute” policy on its advertisements, by returning money to the senders' account if the transactions are not cleared within the time limit.

Waya currently operates in three African countries; Kenya, Ghana and Nigeria. Others are in preparation, notably South Africa, Sierra Leone and Côte d'Ivoire. Interestingly, the project also lists Stellar ( XLM ) as a partner.

Africa's bet on crypto

Blockchain and cryptocurrencies have seen sporadic adoption in Africa, a massive and resource-rich continent suffering from poor financial infrastructure and a robust banking system. Non-blockchain protocols like M-Pesa dominate micro-payments on the continent.

Celebrities make their way through these backdrops. The efforts of rapper Akon, who led the Akoin coin, and Madonna, who led a fundraiser supported by Ripple in Malawi in 2018.

Meanwhile, XRP continues to receive flaks from several neighborhoods. Ripple, the parent company of crypto, has long maintained that there is a "difference" between XRP and the larger operations of Ripple Labs, which means that the two efforts are not linked.

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