Every year, people in emerging markets like Nigeria, Brazil and India drive the global remittance market worth over 600 billion dollars last year. In 2018, global remittances are estimated at $642 billion.
According to the World Bank, Nigeria topped other African recipients with $22.3 billion in 2017. The total remittance to Africa was $37.8 billion that same year.
Ripple has announced several partnerships with different remittance companies. It recently signed on InstaReM and RationalFX. These are two major digital cross-border payments companies. InstaReM could open up cheaper and faster alternatives to transfer money from the United Kingdom to Malaysia, Vietnam, Indonesia, Sri Lanka and Bangladesh.
Also, it established partnerships with Remitr and the Nigerian Fintech start-up, FlutterWave, to enable payments to Nigeria from Canada - the first connection on RippleNet in Africa.
I think Ripple has to do more with Africa. Africa is one of the continents with major remittance issues. Trying to send money to/and out of some African countries is as difficult as finding water in the desert -- it's just too expensive.
If Ripple can build more partnerships in African and Asian countries, this could drive up the adoption of XRP and as a result the price of the asset.
To learn more about the connection between XRP and Ripple,
read this investors' guide.
