Ripple and Pyypl announced their partnership back in 2021, which saw ODL introduced in the Philippines market.
Pyypl could soon introduce ODL and other Ripple products to the Kenyan Tuk Tuk community.
As the United States regulators lag in putting in place proper crypto regulations, local blockchain companies are migrating en masse to international markets that are friendly to the industry. Ripple Labs Chief Executive Officer Brad Garlinghouse has in the course of the lawsuit stated that the blockchain payment giant will move out of the American market if the SEC prevails in the ongoing case. However, amid significant crypto developments in other friendly international markets, Ripple has already begun shifting its focus to future growth prospects.
Moreover, the cross-border payment company has worked with different central banks including those in the EU on CBDC development.
Ripple in the African market
Back in 2021, Ripple partnered with Pyypl, an international blockchain-based financial services technology company focused on the Middle East and African market, to steer forward On-Demand Liquidity adoption in these regions. During the partnership announcement, Pyypl had only rolled out ODL services in the Philippines but announced plans to expand to other emerging markets.
Fast forward to 2023, Pyypl has announced that it has begun the commercial rollout of its social, micro-investment platform for self-employed entrepreneurs and micro-SMEs in Africa, beginning with Kenya. Notably, the Pyypl plans to roll out its initiative via an initial partnership with Kenya’s Tuk Tuk Operators Network (“TTON”), a pan-African mobility network connecting Tuk Tuk operators across 47 counties.
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- Antti Arponen, CEO of Pyypl, said:
- We are proud to partner with the Tuk Tuk Operators Network to provide short-term, fair and transparent investment alongside Pyypl’s leading digital financial services to the benefit of its members across Africa. Community groups form the core of Kenyan society, representing taxi drivers, delivery riders, farmers, youth development groups, and Tuk Tuk and Boda Boda riders, among others. With over 126,000 TTON members representing more than 1.6 million Boda Boda operators across Kenya, this demonstrates the huge opportunity for Pyypl’s debentures platform as we build out partnerships across multiple African countries.
The partnership was warmly welcomed by the Kenyan Tuk Tuk community, who believes the initiative will significantly open up their financial literacy and opportunities in the future. Moreover, digitization of payments and banking will be possible to roll out among many unbanked Tuk Tuk and taxi drivers in the Kenyan market.
- Vincent M Were, Network Lead for TTON, said:
- In the process of seeking meaningful partnerships to grow the sector, the Tuk Tuk and Boda Bodas of Kenya appreciate the engagement of Pyypl and their services. Access to debentures via our connection with Pyypl has opened a new window of opportunity for our transport ecosystem, meeting our most critical financial needs while in line of service.
Eventually, the Kenyan Tuk Tuk community will have access to the Ripple products including XRP, the native digital token for the ODL and RippleNet products.