TerraPay partners with MTN Mobile Money Uganda to boost real-time international money transfers
TerraPay, a global payments infrastructure company, has announced its association with MTN Mobile Money Uganda Limited, a telecom operator in Uganda and part of the MTN Group.
The partnership will enable MTN Mobile Money Uganda Limited in facilitating international digital cross border remittances and speedy money transfers to beneficiaries in regions such as India and China.
Since 2020, TerraPay has been offering inbound remittances to MTN Mobile Money Uganda Limited's mobile wallets. In its drive to build global payments highways that interconnect mobile wallets and banks across the world, TerraPay aims to cultivate inclusivity, independence, digital mobility and empowerment amongst everyone, with the additional outbound remittance channels now opened up.
Speaking on the occasion, Willie Kanyeki, Regional Director, East and Southern Africa, TerraPay said, "Since last year, TerraPay has partnered with MTN Mobile Money Uganda Limited as a digital payments infrastructure company equipped to deliver inbound cross-border payments to mobile wallets in the East African region. Now, with the expanded partnership, we will be facilitating outbound international remittance payment to countries such as India and China. Beneficiaries, including friends and family of migrants across these countries will now have access to assured, real time and convenient, small value ticket remittances channels connecting our global network of 4Bn+ Bank Accounts and 1.5Bn+ Mobile Wallets.
Commenting on the partnership, Stephen Mutana, MTN Mobile Money Uganda Ag. Chief Executive Officer said: "This partnership is a true testimony of our MTN Group platform strategy of building strong ecosystems through partnerships and we will continue to invest in expanding the reach of our platform to consumers and businesses beyond Uganda because we believe that everyone deserves the benefits of a modern connected life."
"We further believe that mobile money transfers should not be limited to borders and the winner in all this, is the MTN Mobile Money customer who will experience a seamless user experience sending and receiving money from China and India, directly on their mobile phones."
Stephen went on to explain that MTN Mobile Money has been at the forefront of driving financial inclusion in Uganda. The popularity of mobile money transfer services continues to rise amongst Uganda's social and business population. This is largely supported by the increasing adoption of mobile payments as well as an increasing need for cashless transactions.
TerraPay's best-in-class interoperability engine and scalable and agile technological prowess will aid partners and their customers and businesses to send and receive payments on a fully regulated, scalable, secure, transparent, and efficient platform.
The Company has established itself as a global Partner to leading banks, money Transfer operators, mobile wallet operators and financial Institutions to facilitate digital transactions without borders. As a B2B company, TerraPay partners with other businesses and helps them leverage its agile, secure, and scalable technology platform to enhance their customer proposition for remittances, payments, and cross border spends. TerraPay has footprints in over 94 countries around the world.