With the proliferating growth which the FinTech industry has been experiencing in the last decade, many have averred that the sector would have been in an appalling situation if not for the emergence of blockchain technology which veered the psyching issues of the industry.
Ripple (XRP), a blockchain technology that has been creating massive disruption in the remittance sector with its profound tools found Nigeria as the first African country to thrive in, probably due to its population and the number of its citizen in the diaspora.
In a declaration made by the remittance guru, it was stated that RippleNet has begun operation in 40 countries across six continents amongst which Nigeria was included. Other countries include the United Kingdom, Italy, Malaysia, Germany, and Indonesia, among others.
While Nigeria remains the country with the largest economy in Africa, many have opined that Ripple will surely flourish in the country and beyond.
Attesting to growth of the remittance sector across the world, the year 2017 recorded a total of 600 billion dollars remittance inflows, and the growth was hinged with the emerging market economies.
As the market economy growth continues to heighten the rate of remittance transactions across the globe, Ripple blockchain technology closely addresses the need for the remittance market and developing Small and Medium Entreprises (SMEs) in the evolving economy.
Providing healthier cross-border remittance services for remitters and SMEs, RippleNet has opened up operation in Asia, Africa, North America, South America and Europe, providing a well-defined payment corridor.
Financial firms which uses RippleNet’s newest corridors and their location include:
InstaReM and RationalFX, available in Indonesia, Sri Lanka, United Kingdom, Malaysia, Vietnam and Bangladesh.
Remitr and FlutterWave opened up RippleNet corridor to Nigeria from Canada.
Brazil, Spain, Italy, Germany, France and Portugal are being serviced by BeeTech and InstaReM
RippleNet’s faster, cheaper and reliable cross border services displayed its potential in the market, recording more than $2 Billion inflows in 2017.
RippleNet’s demand has been on the high side because its grants frictionless cross-border remittance services, which is exactly the glitch of growing SMEs.
RippleNet cushions the problems of financial institutions by handing them distinct advantage in the emerging market with fast, easy, cheap and transparent payment flows across the globe.