Given the increasing growth the FinTech industry has seen over the past decade, many have found that the sector would have been in an appalling position had it not been for blockchain technology that changed the mental health problems of the industry .
Ripple (XRP), a blockchain technology that, with its profound tools, has caused massive disruptions in the remittance sector, made Nigeria the first African country to succeed, likely due to its population and the number of its citizens in the diaspora.
A remittance guru statement stated that RippleNet has started operations in 40 countries on six continents, including Nigeria. Other countries include the United Kingdom, Italy, Malaysia, Germany and Indonesia.
While Nigeria remains the country with the largest economy in Africa, many believe that Ripple is sure to thrive in the country and beyond.
2017 saw remittance growth worldwide, with total remittance inflows of $ 600 billion. Growth was dependent on the emerging economies.
As the growth of the market economy continues to increase the rate of remittance transactions worldwide, Ripple blockchain technology carefully addresses the need for the remittance market and the development of small and medium-sized enterprises (SMEs) in the developing economy.
RippleNet provides healthier cross-border remittance services for remitters and SMBs, and has opened operations in Asia, Africa, North America, South America and Europe. It offers a precisely defined payment corridor.
Financial firms utilizing RippleNet’s newest corridors and location include:
InstaReM and RationalFX, available in Indonesia, Sri Lanka, UK, Malaysia, Vietnam and Bangladesh.
Remitr and FlutterWave have opened the RippleNet corridor from Canada to Nigeria.
Brazil, Spain, Italy, Germany, France and Portugal are looked after by BeeTech and InstaReM
RippleNet’s faster, cheaper, and more reliable cross-border services showed their potential in the marketplace, with inflows of more than $ 2 billion in 2017.
RippleNet has been in high demand as it provides smooth cross-border remittance services, which is exactly the problem for growing SMEs.
RippleNet mitigates the problems facing financial institutions by giving them a distinct advantage in emerging markets with fast, easy, cheap and transparent payment flows around the world.
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