Ripple giant has announced launch of new ODL corridor
In a recently published tweet, the Ripple blockchain behemoth spread the word about a new strategic partnership that has allowed it to establish a new ODL corridor with high profit potential. In the tweet, Ripple noted that Africa’s mobile currency value is close to $1 trillion – 70% of this staggering amount.
MFS Africa is the biggest mobile payment gateway in Africa and its multiple clients in 35 countries.
Ripple’s ODL extends to Africa
After expanding its chain of ODL corridors to various countries around the world, Ripple has partnered with a leading fintech company in Africa to help establish seamless and low-cost payments for its customers worldwide Could ODL stands for On-Demand Liquidity.
The necessity of bringing the system of electronic payments to MFS Africa has emerged as the amount of clients who are using mobile cash transfers on the continent is growing exponentially. It is expected that in the near future, the majority of mobile payments users globally will be from Africa and the Asia-Pacific region – 70% of the global population. Therefore, these areas are likely to attract many businesses that wire payments. Ripple’s ODL will help them to access capital without traditional sources.
The ODL platform significantly ameliorate various barriers that typically emerge when making cross-border money transfers via traditional payment rails, such as high commissions and slow settlement times.
Other recently launched ODL corridors
Earlier this year, Ripple launched several other new ODL corridors. An On-Demand Liquidity corridor was launched in Brazil via local major Travelex Bank.
As Ripple’s partner Trango expands into the UAE, a new payments liquidity corridor has been launched there as well. Finally, France and Sweden hosted a new ODL platform in partnership with Paris-based payments company Lemonway and Xbaht – a platform that sends payments and remittances from Sweden to Thailand.
