Mobile-first international payment network TerraPay and money transfer company Instant Cash have collaborated to enable real-time cross-border money transfers to mobile wallets globally.
The service is powered by TerraPay’s global clearing and settlement product for mobile wallets.
“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,” said Ambar Sur, Founder and CEO of TerraPay.
In the initial rollout, TerraPay has enabled Instant Cash customers to send remittances to mobile wallets in Nigeria, Tanzania and Uganda. In Nigeria, money can be sent to bank accounts as well. Migrants can send money directly to Vodacom M-Pesa, Tigo Pesa, Airtel Money and Zantel Ezy Pesa wallets in Tanzania; while in Uganda money can be received in MTN and Airtel mobile wallets.
Philip C. Daniel, Acting CEO of Instant Cash said with this strategic partnership they are looking at expanding their customer base in the three countries.
The service is expected to expand to other African countries which have a high adoption of mobile money.
TerraPay recently entered a similar agreement with money transfer service Xpress Money.