The recent development shared revealed that Ripple’s ODL is encroaching everywhere as Ripple’s partner, MFS Africa, recently partnered with global American financial services giant Western Union.
The update was shared yesterday by a Nigerian-based media platform, Benjamindada, noting that The partnership will allow customers to send money from nearly anywhere globally to mobile wallets in Africa powered by MFS Africa’s payment rails.
Ripple’s Payment Solution Takes More Ground
As disclosed in the report, the service is set to debut in Madagascar. However, no precise timeline is given for this. According to Hassan Chatila, Global Head of Account Payout Network, Western Union, commenting on the partnership:
“Innovation, commitment to customer focus and financial inclusion are at the heart of everything we do at Western Union. We are deeply committed to the region and remain focused on advancing cross-border money movement solutions for the people in this region, their communities as well as the broader economy. Through our collaboration with MFS Africa, we look forward to achieving our common critical role in getting money to the places where and when it is most needed.“
Notably, the partnership between Ripple and MFS Africa was initiated in November to leverage its On-Demand Liquidity (ODL) service to facilitate near-instant mobile payments for customers in 35 countries. Recall that this solution uses XRP as a bridge currency to facilitate cross-border payments.
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Facts About MFS Africa
MFS Africa is Africa’s largest Mobile payments hub with over 400 million mobile money wallets and 200 million bank accounts across Africa to facilitate cross-platform and cross-border payments for customers.
It is worth noting that the recent collaboration of MFS Africa and Western Union is the latest in a growing list of collaborations between Ripple partners and traditional finance giants.
Attorney Deaton Take A Close Watch On the Shortcomings Of SEC Chair
Attorney Deaton told the Ripple community that the failure of the United States Commission to investigate questionable Chinese investments by Sequoia Capital could be the end of the SEC’s Gary Gensler.
In his recent tweet, John Deaton noted that Sequoia was also an FTX investor. It came in response to a thread by Brian Costello, a technology executive with a background in international finance. Costello, in his line, calls out Congress for playing a role in allowing China to become a more significant threat to U.S. national security by turning a blind eye to the reluctance of the Gensler-led SEC to investigate firms like Sequoia.