TerraPay, a mobile-first international payment network, has partnered with UBA Group, Nigeria’s leading pan-African financial services group, to facilitate real-time money transfer services to its customers in 20 countries across Africa
The service which is currently live in five countries within UBA’s network including Ghana, Côte d'Ivoire, Burkina Faso, Sierra Leone and Cameroon, will be rolled out to the Bank’s other subsidiaries in Chad, Liberia, Senegal, Uganda, Congo Brazzaville, Guinea Conakry, Kenya, Mali, Zambia, Congo DRC, Gabon, Mozambique, Tanzania and Benin Republic soon.
Sampson Aneke, group head, transaction and electronic banking, UBA Group, noted that Africa is one of the world’s largest recipients of remittances. He also noted that as technology continues to enable cross-border trade and investment, availability of real-time money transfer services has become very important.
“As Africa’s global bank, we are delighted to open up a fresh opportunity for real-time money transfer in partnership with TerraPay. This is another huge step in improving access to financial services for our customers across the globe,” Aneke added.
Ambar Sur, founder and CEO of TerraPay, said, “This partnership with UBA Group will play a pivotal role in cross border remittances across Africa, America and Europe. We are delighted to bring the convenience of instant cross-border money transfer, directly to any UBA account in twenty countries.”
Africa is one of the largest receivers of remittances. Remittances to sub-Saharan Africa grew almost 10 per cent to US$46bn in 2018, supported by strong economic conditions in high-income economies. It is projected to increase in 2019 as well.
Earlier in 2017, TerraPay had obtained approval from the Bank of Uganda to facilitate international money transfers to mobile wallets across the country. The company stated that it also received regulatory approvals allowing cross-border money transfers to mobile wallets in Kenya and Tanzania and became the only licensed mobile payment switch equipped to deliver cross-border payments to mobile wallets.
TerraPay has also obtained licenses in the UK, Mauritius, Botswana, Congo B, DRC and South Africa to enable cross-border money transfers to mobile wallets.
