Ripple Expands Africa Presence with Chipper Cash Partnership

Ripple, a prominent provider of digital asset infrastructure for financial institutions, has broadened its presence in Africa through a strategic collaboration with Chipper Cash, a leading fintech startup headquartered in Nigeria. This partnership is designed to streamline cross-border payments into Africa using Ripple's crypto-enabled payments solution, Ripple Payments. By leveraging digital assets, the collaboration aims to facilitate faster, more cost-effective, and efficient cross-border transactions, significantly reducing the time and complexity associated with transferring value into the continent.

The alliance between Ripple and Chipper Cash represents a key milestone in Ripple's expansion strategy in Africa. Chipper Cash, which serves five million customers across nine countries, will integrate Ripple's technology into its platform. This integration will enable consumers to receive funds from around the world at any time, making the process of transferring value into Africa much more efficient. Reece Merrick, Managing Director for the Middle East and Africa at Ripple, underscored the potential of blockchain technology in driving economic growth and innovation across the region. He noted that Ripple's expertise in tokenizing real-world assets positions the company well to offer core services that financial institutions need to tokenize, store, exchange, and move digital assets.

Ham Serunjogi, Co-Founder and CEO at Chipper Cash, highlighted the transformative potential of crypto-enabled payments. He noted that this technology can enhance financial inclusion, accelerate access to global markets, and empower businesses and individuals across Africa. By integrating with Ripple's global payments network, Chipper Cash aims to utilize the power of blockchain to provide consumers with faster and lower-cost payment solutions.

Ripple's partnership with Chipper Cash builds on its previous initiatives in Africa, which began with Onafriq in 2023. Ripple's digital asset infrastructure is designed to be simple, secure, and compliant, making it well-suited to provide the necessary services for financial institutions. Ripple Payments offers near-global coverage with over 90 payout markets, representing more than 90% coverage of the daily FX markets. The company has over a decade of experience in the digital asset space and holds more than 60 regulatory licenses and registrations in various jurisdictions.

Ripple's solutions utilize the XRP Ledger and its native digital asset, XRP, which is specifically designed to enable fast, low-cost, and highly scalable transactions. With a proven track record of working with regulators and policymakers, Ripple's payments, custody, and stablecoin solutions are pioneering the digital asset economy, building credibility and trust in enterprise blockchain. Together with customers, partners, and the developer community, Ripple is transforming the way the world tokenizes, stores, exchanges, and moves value.

Chipper Cash, established in 2018, has revolutionized the way money is moved in Africa by providing a seamless way to send and receive money cross-border. The company has since expanded its product suite to include personal investments and digital business transactions, and has extended its reach into the US. Led by co-founders Ham Serunjogi and Maijid Moujaled, Chipper Cash is focused on its mission to provide the most trusted and accessible financial services for people living in Africa and beyond. This partnership with Ripple is a significant step towards achieving that mission, leveraging the power of blockchain technology to drive financial inclusion and innovation across the continent.

Ask Aime: What is the impact of Ripple's strategic collaboration with Chipper Cash on the African fintech landscape?