REMITR and Ripple have collaborated to establish a groundbreaking financial “corridor” from Canada and the African continent starting with Nigeria, Kenya, and Ghana using Ripplenet. This is Ripplenet’s first-ever extension into Africa from North America. Ripplenet now extends their reach into over 40 countries worldwide, providing an optimized financial payment portal that has critically benefited SMBs everywhere.
With economic activity rapidly increasing in the African market, the need for a more contemporary solution to the current financial gateways has been a crucial demand for far too long. According to a Data Analyst featured in an article released by the Associated Press, the fate of the African economy and marketplace is reliant on “the ability to innovate, attract technical expertise and subsequently execute strategic objectives.”
Using blockchain technology, REMITR and Ripplenet have now enabled Canadian companies– both small and large— to perform business transactions with Africa by providing a secure, nearly instant, and extremely low-cost international payment gateway. It is thus predicted expected that this advancement will contribute to Africa’s economic success and prosperity.
This is a vast improvement over the current system which allows only USD payments to Africa, often at high cost and adverse exchange rates when they are ultimately converted into the local currency of the recipient. Payments of supplier invoices in NGN, KES, and GHS is a boon for African businesses who are not subject to the tyranny of bank payments sent in USD.
It has been reported that Ripple’s improvements to the infrastructure of international remittance have been so impactful, that SMBs have saved up to millions of dollars in financial transactions.
REMITR and Ripple, like corporations, have a shared goal in providing innovative solutions to the inefficiencies in the global remittance industry; inefficiencies that ultimately hinder both businesses and individuals– one that was, up until now— hindering Africa’s presence in the global economy entirely.