San Francisco-based crypto payments firm Ripple has announced a partnership with Chipper Cash, a popular African payment provider. Per the announcement, the partnership will boost cross-border transactions in the continent using digital assets. The collaboration marks a milestone in Ripple’s ongoing expansion into Africa.
Ripple Seals Partnership with Chipper Cash
Chipper Cash aims to integrate Ripple Payments into its platform by leveraging blockchain technology. The firms claim the partnership will make international money transfers faster and more cost-effective for users across nine African countries.
In a statement, Reece Merrick, Ripple’s Managing Director for the Middle East and Africa, emphasized that the integration of Ripple’s system into Chipper Cash’s platform will allow consumers and businesses to bypass the traditional banking system. This will enable them to receive funds from around the world at any time.
Ham Serunjogi, Co-Founder and CEO at Chipper Cash, echoed these sentiments, describing the partnership as having “the potential to enable greater financial inclusion across Africa.” He added that the integration will reduce the friction associated with conventional cross-border payments and stimulate regional economic growth in the targeted continent.
While hinting at the credibility and security of the partnership initiative, Ripple cites its regulatory framework, including over 60 licenses and registrations across various jurisdictions worldwide. Recently, the firm gained the DFSA License in UAE, making it the first crypto payments provider to be regulated by the Dubai Financial Services Authority.
Meanwhile, the partnership comes after Ripple’s recent legal victory. The Securities and Exchange Commission dropped its appeal, giving investors renewed confidence in XRP. The court ruled that the crypto asset does not meet the security criteria under existing U.S. law.
Crypto Adoption in Africa Grows
Crypto adoption is growing in Africa as regulators in several nations embrace digital assets. In Nigeria, authorities are reviewing their stance, hinting at a policy shift after years of banning financial institutions from crypto transactions. The change comes as millions of its residents rely on such assets to hedge against currency devaluation.
In East Africa, the Kenya Revenue Authority recently reported collecting $77.5 million in taxes from crypto transactions during the 2023-2024 financial year. The country’s tax framework targets crypto trades and reflects its expansion in the crypto market. Morocco, which has long maintained a strict stance against crypto, is also considering lifting its ban.
