TerraPay and Instant Cash partner to enable cross-border money transfers in Africa
TerraPay and Instant Cash have partnered to enable real-time cross border money transfers to mobile wallets. According to the companies, the partnership will make cross-border money transfer – to all major mobile wallets in Tanzania, Uganda and all mobile numbers in Nigeria – faster and more convenient for the migrants.
The platform, which will be using TerraPay’s global clearing and settlement service for mobile wallets, will allow Instant Cash’s global agent network to expand their service offerings by offering cross-border transfers to mobile wallets, which is powering growth in many emerging markets.
In the initial rollout, TerraPay has enabled Instant Cash customers to send remittances to mobile wallets in Nigeria, Tanzania and Uganda. In Nigeria, migrants can send money to any mobile number as well as bank accounts. In Tanzania, migrants will be able to send remittances directly to Vodacom M-Pesa, Tigo Pesa, Airtel Money and Zantel Ezy Pesa wallets. In Uganda, the friends and families of the migrants can receive money in their MTN and Airtel Money wallets. The service is expected to expand shortly in other countries in Africa which have a very high adoption of mobile money.
Ambar Sur, Founder & CEO of TerraPay commented, “We are excited to work with Instant Cash to provide millions of customers with access to fast, convenient and secure options to send money. Mobile Money plays an important role in bringing the financially excluded into the formal economy and drive remittances through formal channels. Our strategic partnership will bring the convenience of Mobile wallets to the global customer base of Instant Cash, making cross-border remittances faster, accessible and cheaper for the consumers.”
Commenting on the partnership, Philip C Daniel, Acting CEO of Instant Cash said, “At Instant Cash we take pride in being able to offer our customers and our agents world class service and the availability of the latest technology in the money transfer business. Thus, we are very excited to announce our partnership with TerraPay. We are looking at expanding our customer base in Uganda, Nigeria and Tanzania through this strategic partnership. This means we are now able to widen our mobile money wallet reach into relevant African markets that have expat populations in the GCC. It’s time for Africa.”