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- Ripple is making further inroads into Africa with the expansion of the Modulr NALA agent into Europe.
- The expansion will drive more volume to RippleNet and indirectly XRP.
NALA, a fintech start-up based in Tanzania, has announced its expansion into the European market. The expansion of NALA, which is an agent of Ripple’s partner, Modulr, will increase the volume of remittances to Ripple’s cross-border payment settlement solution, RippleNet.
Tech Cabal, a new leading fintech-focused African outlet, first reported the expansion. According to the report, the new border enables NALA to process remittances to Africa from 19 European Union (EU) countries. This is in addition to the US and UK in which NALA currently operates.
Benjamin Fernandes, the founder and CEO of NALA, noted that the expansion would financially empower millions of Africans. He adds that NALA is laser focused to enable hassle-free remittances for Africa.
“The European economy is the third largest in the world and is home to more than a quarter of African migrants. At NALA, our mission is to financially empower Africans across the world… At NALA, we are focused on building the remittance society that Africans deserve,” he said.
The development is bullish for RippleNet, Ripple’s decentralized global network of banks and payment providers using Ripple’s distributed financial technology. Modulr, the payment API provider as a service for NALA, announced its strategic partnership with Ripple in February.
At the time, companies noted that RippleNet could make Modulr’s services easier than ever for businesses to use. Indeed, it allows real-time, competitive and reliable payments on an international scale. It also allows merchants served by Modulr to hold and settle funds directly at the Bank of England.
In a case study, Ripple described its partnership with Modulr as unique because it offers merchants alternatives to traditional payment methods. He pointed out that RippleNet’s low fees and round-the-clock operation provide customers with reliable access to international payment networks.
Ripple Partnerships Are Already Driving XRP Adoption
Modulr is not the only partner that Ripple has onboarded recently. The American blockchain-based payment services company has been active in the global remittance market throughout 2022.
Ripple announced an Africa-focused partnership with MFS Africa just in November. The digital payment gateway will use Ripple’s On-Demand Liquidity (ODL) solution to enable individuals and businesses to execute crypto payments internationally.
The progress in adoption has market participants hoping that the price of XRP will explode in the coming days. Above all, speculation is strong that once the case between Ripple and the SEC ends in favor of Ripple, the price of XRP will reach new highs.
At press time, XRP was trading at around $0.36, down 4.37% in the past 24 hours. The price marks a 90.5% drop from its previous all-time high of $3.84.