Ripple Partners with Chipper Cash for Crypto Transfers in Africa

Ripple, the crypto firm behind XRP, has signed a deal with African payments company Chipper Cash to launch crypto-based money transfers across the continent. The partnership, announced today, will utilize Ripple Payments to facilitate cross-border payments for Chipper’s five million users in nine African countries.

The goal is to allow people to receive money from abroad anytime—day or night—without relying on the slow traditional banking system. Chipper’s users will benefit from global transfers instantly, 24/7, year-round, aiming to eliminate the friction and delays typically associated with sending money into African markets. This agreement signifies Ripple’s deeper entry into Africa, following its first expansion through Onafriq in 2023.

Ripple Expands Global Payment Rails with Chipper

In the statement, Reece Merrick, Ripple’s Managing Director for the Middle East and Africa, highlighted that the company is collaborating with Chipper to utilize blockchain for faster, cheaper payments. Reece stated, “Our partnership with Chipper Cash marks a key milestone in the expansion of Ripple’s business in Africa.” By integrating Ripple’s system into Chipper’s platform, users will gain improved access to sending and receiving money across borders while boosting crypto usage in local markets.

Reece emphasized Ripple’s decade-long expertise in establishing fiat currencies on the blockchain to streamline international money transfers. With increased interest from companies in crypto for payments, this collaboration represents a progressive step forward.

Ham Serunjogi, Chipper Cash’s Co-Founder and CEO, expressed the desire to leverage Ripple’s global crypto network to enhance access to global markets. He stated that crypto-enabled payments could provide greater financial inclusion, accelerate access to markets, and empower individuals and businesses across Africa. Faster transfers and lower costs are their primary goals.

Chipper Cash has been continuously growing its user base throughout Africa, and this partnership equips it with more tools to broaden its payment services. With Ripple’s integration, they can now offer direct access to crypto-powered global money transfers that aren’t limited by banks, hours, or regional currency constraints.

Conclusion of Ripple’s Lawsuit with SEC

This partnership coincides with Ripple’s recent conclusion of its legal battle with the U.S. Securities and Exchange Commission (SEC), a lawsuit that began in December 2020. The company announced an agreement to drop its appeal after settling $50 million of the $125 million total penalty. The SEC also agreed to discontinue its appeal, marking the end of an extensive and expensive legal ordeal in the crypto space.

Ripple’s Chief Legal Officer Stuart Alderoty confirmed the closure of the case on X, stating, “The final crossing of t’s and dotting of i’s – and what should be my last update on SEC v Ripple ever.” He noted that Ripple would receive the remaining $75 million from the penalty, previously stored in an interest-bearing escrow account. The SEC also intended to ask the court to lift the injunction previously imposed on Ripple, pending final court processes and commission voting.

The lawsuit commenced on the last day of former SEC Chair Jay Clayton’s term, which accused Ripple of raising $1.3 billion by selling XRP without registration as a security. This became one of the most significant enforcement actions against a crypto company, but Ripple remained steadfast. Over four years, they incurred approximately $150 million in legal fees to defend their position that XRP is not a security.