Africa is one of the continents with the most unbanked citizens in the world.
Not only does 17% of the world’s unbanked live in Sub-Saharan Africa but it is the most expensive region of the world to send money to.
New innovative technologies like Blockchain and Distributed Ledger Technology (DLT) are out to change that.
Waya for cross-border payments
Waya is a cross-border, cross-network remittance and payment solution for Africa. With headquarters in Ghana it was founded in 2018. Waya’s interoperability platform connects with banks, mobile money operators, and other digital payment providers from all over the world to serve Africa. Waya has partnered with companies like Ripple, Stellar, mojaloop, and others in its quest to make payments and transfers in Africa simple and instant.
Currently, Waya allows payments between Ghana, Nigeria, and Kenya but it is expected to include South Africa, Ivory Coast, Tanzania, Rwanda, Uganda, Liberia, Burkina Faso, and Sierra Leone soon.
Ripple for Africa
It was only two weeks ago that Coil became an Inaugural Sponsor Member of the Mojaloop Foundation, a charitable nonprofit organization to extend financial inclusion efforts initiated by the Mojaloop open-source software project.
With Ripple rapidly expanding its reach across the world, it is good to see that efforts are being done to improve a region with little financial inclusion but the most friction in payments.