RippleNet Adopted To Help South Africa’s Unbanked Problem

A popular money transfer operator which focuses on accelerating financial inclusion with innovation, Xago has stepped up its services for clients by announcing the implementation of RippleNet into its gateway.

Xago is based in South Africa and has declared that it is using the Ripple blockchain powered RippleNet for fiat and digital assets transfer both locally and globally.

The company has said, “XAGO uses the XRP Ledger as a distributed exchange, where users can exchange XRP for ZAR.”

Xago uses the XRP ledger to grant users free transfer and exchange of digital assets among XRP addresses and so it therefore offers its customers in South Africa a distinguished service.

Ripple’s native token, XRP is also used by the money operator to bridge the exchange of South African ZAR with digital assets.

Xago gateway is designed for businesses however, the firm calls on new and existing businesses providing wallet or remittance services in either crypto or fiat to opt for its user define services.

By leveraging RippleNet, Xago gateway assists its customers who transfer their funds in a frictionless and efficient way with low transaction cost both at retail and remittance levels. Through the use of mobile phones and other technologies, Zago’s secure, low-cost and near instant financial service is handed to the unbanked consumers, as well as others.

According to Today’s Gazette, Xago “said the potency of Ripple as an enterprise blockchain solution that breaks barriers like low speed, inefficacy and high transaction cost, is an underlying factor for selecting the blockchain technology for its payment gateways.”

One Twitter user suggests that the latest development will more than likely make Xago a huge ZAR issuer in the XRP ledger.

Growth

As the eed for reputable and dependable financial service growth with just under two billion unbanked adults across the world, global blockchain technologies like ripple are proffering solutions to long term bugs.

Even so, both Ripple and XRP are the rulers of the fintech industry by benching the bank-wned SWIFT and collaborating with top-class financial origination as well as breaking into the development in Sub-Sahara Africa where the majority of unbanked people reside.